- Nearly $9 billion in Bitcoin options set to expire on March 29, with total open interest of 133,914 BTC
- Put/call ratio of 0.80 indicates bullish sentiment, with more calls in circulation than puts
- Current Bitcoin price of ~$67,000 surpasses ‘max pain’ point of $50,000, so many calls are in the money
Deribit data indicates that nearly $9 billion worth of Bitcoin (BTC) options are due to expire on March 29, the last Friday of the month. The total open interest amounts to 133,914 BTC.
Put/Call Ratio Reflects Bullish Sentiment
The put/call ratio is reported at 0.80, signifying more calls in circulation compared to puts. This reflects bullish market sentiment — for every 100 calls, there are 80 puts. Call open interest stands at 74,213 BTC, outstripping put open interest, which totals 59,701 BTC.
Current Price Surpasses ‘Max Pain’ Point
Deribit’s figures highlight the relevance of the put/call ratio with Bitcoin’s price at roughly $67,000, significantly surpassing the ‘max pain’ point of $50,000. This indicates that a considerable number of call options are presently in the money.
Implications for Future Volatility Perceptions
The disparity between the elevated current price of BTC and its strike prices may suggest a prior underestimation of its volatility. There is also a marked concentration of open interest in calls at the upper strike prices, starting at $75,000. This could have implications for future volatility perceptions and options pricing.
Conclusion
Deribit‘s data provides insights into the upcoming Bitcoin options expiration and how it reflects current market sentiment and perceptions. The concentration of call interest at higher strikes suggests the potential for increased volatility going forward.
