Could the Expiry of $3B Bitcoin Options Aggravate Today's Crypto Market Condition?

Approximately 28,000 Bitcoin options contracts, with a notional value of around $3 billion, are set to expire today, mirroring similar events from last week. The longs and short sellers are evenly matched, with maximum losses expected around $3,000 above current spot prices. The number of unexpired Bitcoin options contracts is highest between $110,000 and $140,000, indicating bullish speculators' confidence.

In addition, about 250,000 Ethereum contracts, with a notional value of $687 million, are also set to expire today. The combined value for today’s crypto options expiry is nearly $3.6 billion. This comes as the total market capitalization has fallen 7.4% to $3.34 trillion over the past 12 hours, with Bitcoin and Ethereum leading the losses.