Photo: Coin Telegraph
(Coin Telegraph) - On Dec 11, a total of $540 million in Bitcoin options open interest is set to expire. This number mimics the past month's $525 million options expiry, as monthly and quarterly options typically concentrate the most volume.
Although both dates present somewhat unusual activity, this time around, bears seem in control. Data also shows that the Bitcoin bulls appear to have become too optimistic.
Currently, the exchange Deribit holds 85% market share for Friday's expiry, with $189 million worth of call (buy) options stacked against $282 million put (sell) options. Even though the 1.44 put-to-call ratio is favoring the more bearish options, a more granular view is needed.
Traders tend to have a short memory, but Bitcoin was trading below $16,000 less than four weeks ago. Thus, many put options were bought around that level. That has led to a $120 million put options open interest between $15,000 and $17,000.
Deribit Bitcoin put options for Dec 11 expiry. Source: Deribit
Notice how the above chart shows Deribit holding a considerable open interest in a range that no longer makes sense after the most recent BTC price appreciation. Some of these options previously traded for $365 apiece, such as the $16,500 put on Nov 28.
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