{"id":520869,"date":"2023-02-24T11:30:21","date_gmt":"2023-02-24T11:30:21","guid":{"rendered":"https:\/\/wncen.com\/?p=520869"},"modified":"2024-06-11T08:03:51","modified_gmt":"2024-06-11T08:03:51","slug":"btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today\/","title":{"rendered":"BTC Down 2% As $1.8 Billion Bitcoin Options Contract Expires Today"},"content":{"rendered":"

While there is always a reason behind every single movement in the market, Bitcoin\u2019s latest bearish trend in the last 24 hours appears to be a result of $1.8 billion Bitcoin options set to expire today. This large volume of Bitcoin set to be expired later today is projected to impact the <\/span>asset\u2019s price movement significantly<\/span><\/a>.\u00a0<\/span><\/p>\n

Similar to cryptocurrency futures contracts, o<\/span>ptions are <\/span>derivatives that allow traders to buy or sell an asset at a pre-established price on a future date<\/span>.<\/span> Bitcoin options is an agreement that allows traders to buy or sell Bitcoin at a certain price, at a specific expiry date. <\/span>Bitcoin options give traders the <\/span>leverage<\/span> to take speculative positions (i.e., upward or downward) on BTC’s price movement.<\/span><\/p>\n

More Than $1 Billion Bitcoin Options To Expire<\/span><\/h2>\n

According to reporter Collin Wu, as of today, <\/span>roughly $1.8 billion<\/span><\/a>\u00a0in Bitcoin options will be expired. This large volume of expired BTC could impact the price movement of Bitcoin significantly, for instance, the bearish trend BTC has shown over the past 24 hours.\u00a0<\/span><\/p>\n

Furthermore, as the Open Interest (OI) is above the 300,000 BTC mark, the highest in history, there are possibilities of a certain plummet from BTC. Open interest is <\/span>the number of contracts or commitments outstanding in options trading yet to be settled on an official exchange.<\/span><\/p>\n

Related Reading: Is Bitcoin Price Building Another Parabolic Rally?<\/a><\/div>\n

Wu noted the put\/call ratio is 0.66 and the biggest pain point is $22,000, which means buy and sell positions are well positioned. Overall, a put\/call ratio greater than 0.7 indicates that traders are filling their put (short) positions more than their call (long) positions, which signifies a <\/span>gearing bearish movement<\/span><\/a> from the market.\u00a0<\/span><\/p>\n

A put option is an option to sell assets at an agreed price on or before a particular date. In contrast, a call option is a contract that allows traders to buy assets at an agreed price on or before a given date.\u00a0<\/span><\/p>\n

Notably, the put\/call ratio is calculated by dividing the total amount of traded puts by the number of call trades. A put\/call ratio that reads 1 signifies a balanced number of both callers and putters.<\/span><\/p>\n

BTC Slips Below $24,000\u00a0<\/span><\/h2>\n

Over the past 24 hours, <\/span>BTC’s price<\/span><\/a> has fallen sharply <\/span>below the $24,000<\/span><\/a> mark down by 2.2%. More than $10 billion has been subtracted from its market cap after a fall from $471 billion seen yesterday to $461 billion as of today.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500<\/a><\/div>\n

According to Deribit<\/a>, the world\u2019s largest crypto options exchange, the last major Bitcoin options expiry happened in late December when roughly 103,000 contracts expired. Though this volume is relatively low to that set to expire today, it resulted in a slight fall from BTC given it was already at the bottom following the FTX crash and the Binance FUD (fear, uncertainty, and doubt).\u00a0<\/span><\/p>\n

\"
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

However, since BTC has been in an upward rally since the beginning of the year, up by over 40%, there could be a significant plummet from the asset after the BTC options for today must have been liquidated. <\/span><\/p>\n

Meanwhile, at the time of writing, <\/span>BTC<\/span><\/a> has a trading price of $23,889 with a 24-hour trading volume of $39.8 billion.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView.<\/div>\n","protected":false},"excerpt":{"rendered":"

While there is always a reason behind every single movement in the market, Bitcoin\u2019s latest bearish trend in the last 24 hours appears to be a result of $1.8 billion Bitcoin options set to expire today. This large volume of Bitcoin set to be expired later today is projected to impact the asset\u2019s price movement significantly.\u00a0 Similar to cryptocurrency futures contracts, options are derivatives that allow traders to buy or sell an asset at a pre-established price on a future date. Bitcoin options is an agreement that allows traders to buy or sell Bitcoin at a certain price, at a specific expiry date. Bitcoin options give traders the leverage to take speculative positions (i.e., upward or downward) on BTC’s price movement. More Than $1 Billion Bitcoin Options To Expire According to reporter Collin Wu, as of today, roughly $1.8 billion\u00a0in Bitcoin options will be expired. This large volume of expired BTC could impact the price movement of Bitcoin significantly, for instance, the bearish trend BTC has shown over the past 24 hours.\u00a0 Furthermore, as the Open Interest (OI) is above the 300,000 BTC mark, the highest in history, there are possibilities of a certain plummet from BTC. Open interest is the number of contracts or commitments outstanding in options trading yet to be settled on an official exchange. Related Reading: Is Bitcoin Price Building Another Parabolic Rally? Wu noted the put\/call ratio is 0.66 and the biggest pain point is $22,000, which means buy and sell positions are well positioned. Overall, a put\/call ratio greater than 0.7 indicates that traders are filling their put (short) positions more than their call (long) positions, which signifies a gearing bearish movement from the market.\u00a0 A put option is an option to sell assets at an agreed price on or before a particular date. In contrast, a call option is a contract that allows traders to buy assets at an agreed price on or before a given date.\u00a0 Notably, the put\/call ratio is calculated by dividing the total amount of traded puts by the number of call trades. A put\/call ratio that reads 1 signifies a balanced number of both callers and putters. BTC Slips Below $24,000\u00a0 Over the past 24 hours, BTC’s price has fallen sharply below the $24,000 mark down by 2.2%. More than $10 billion has been subtracted from its market cap after a fall from $471 billion seen yesterday to $461 billion as of today.\u00a0 Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $24,500 According to Deribit, the world\u2019s largest crypto options exchange, the last major Bitcoin options expiry happened in late December when roughly 103,000 contracts expired. Though this volume is relatively low to that set to expire today, it resulted in a slight fall from BTC given it was already at the bottom following the FTX crash and the Binance FUD (fear, uncertainty, and doubt).\u00a0 However, since BTC has been in an upward rally since the beginning of the year, up by over 40%, there could be a significant plummet from the asset after the BTC options for today must have been liquidated. Meanwhile, at the time of writing, BTC has a trading price of $23,889 with a 24-hour trading volume of $39.8 billion. Featured image from Unsplash, Chart from TradingView.<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,8343],"class_list":["post-520869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-options"],"acf":[],"yoast_head":"\nBTC Down 2% As $1.8 Billion Bitcoin Options Contract Expires Today<\/title>\n<meta name=\"description\" content=\"While there is always a reason behind every single movement in the market, Bitcoin\u2019s latest bearish trend in the last 24 hours appears to be a result of Bitcoin\u2019s latest bearish trend in the last 24 hours appears to be a result of $1.8 billion Bitcoin options set to expire today.\" \/>\n<meta name=\"robots\" content=\"index, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"BTC Down 2% As $1.8 Billion Bitcoin Options Contract Expires Today","url":"http:\/\/wncen.com\/news\/btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","options"],"dateCreated":"2023-02-24T11:30:21Z","datePublished":"2023-02-24T11:30:21Z","dateModified":"2024-06-11T08:03:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"BTC Down 2% As $1.8 Billion Bitcoin Options Contract Expires Today\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/btc-down-2-as-1-8-billion-bitcoin-options-contract-expires-today\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"options\"],\"dateCreated\":\"2023-02-24T11:30:21Z\",\"datePublished\":\"2023-02-24T11:30:21Z\",\"dateModified\":\"2024-06-11T08:03:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520869"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=520869"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/520869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=520869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=520869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=520869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}