According to a new record published by the popular cryptocurrency monitoring resource Skew, there’s more than $1 billion worth of Bitcoin options contracts that are set to expire tomorrow.
The research shows that there are currently about 114,700 Bitcoin options contracts and all of them are set to expire on June 26th. BTC’s price is currently a little over $9,200, putting the total volume well over $1 billion.
Obviously, that’s a lot more compared to previous expiry dates. The report further outlines that Deribit is currently the leading exchange when it comes to this particular set of derivatives and its open interest.
Other names include the legacy Chicago Mercantile Exchange (CME), and LedgerX, while ICE’s Bakkt brings up the rear.
Will This Impact Bitcoin’s Price?
That’s anyone’s guess, but if history is any indicator, chances are that it will. Last time a huge options contracts expiry was due was back on March 27th. Back then, the price was hovering around $7,000 but as the contracts expired, it collapsed to about $5,800.
Now, this doesn’t mean that the price will dump again, although the prevailing market sentiment is rather bearish at the moment, especially after the dips during the last couple of days. Bitcoin was unsuccessful in retaking $9,600, which triggered a sale to about $9,000. Fortunately, that support held and the price jumped back to $9,300.
In any case, it’s safe to assume that there might be a period of high volatility coming up soon and traders should approach it with caution.
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