Bitcoin options point to weekend pressure as major expiration factors.
With Bitcoin trading precisely under $ 7,000, a major outage could threaten another transaction, and by the looks of it, the sale is imminent. The second largest expiry of Bitcoin options contracts is scheduled for April 24, with a price on the edge of the knife, and a 20-day release, the next few days likely to be significant for the 2020 cryptocurrency track.
According to data from skew markets, 27,000 Bitcoin Options contracts, in open and active positions, will expire on April 24, ending the second largest day of the year. As traders expect a month-and-a-half to find out the price of the exit, the biggest outage is June 26, with 33,100 BTC contracts with interest on the shelf.
Given the large number of contracts, coupled with the stable flow of cryptocurrency last week, and the occasional change of supply, the options on these derivative contracts are beginning to make sense. The total expiry rates [not periods] will look like the sellers are more reasonable, with the $ 7,000 price tag holding the highest contracts sold at 7.9 percent of all contracts. The current open interest in the Bitcoin options market is less than $ 600 million, managed by Deribit and OKEx.
When you look at the sales or buying pressures that emphasise contracts, this practice is even more dangerous. Today’s trading price reflects Puts, or trading option contracts that have a much higher rate than calls, or contracts to choose from. On April 22, four of the top five sold-out [volume] contracts are set up with one call, and the price tag is wide.
The top-selling contract, with a strike price of $ 5,000 by expiring on May 29, where 472 contracts were made. The next two contracts are also due to expire on May 29, but at prices of $ 5,500 and $ 6,000 and volumes of 43 and 34 contracts respectively. Apparently, many retailers expect a price drop from now until the drop in prices until the end of May. In addition, the closest contract term, on April 24, has a strike price of $ 6,500, $ 350 less than the last traded price of Bitcoin, at the time of publication.
Bitcoin options traders, just a day ago, are divided, and rely less. Three of the five best-selling contracts on April 21 were call options with prices ranging from $ 6,750 to $ 9,000, with the two items set at $ 6,875 and $ 6,250 respectively. Moreover, in contrast to contracts sold today, where one contract attracts a large amount of market attention, today’s contracts show a low dose spread.