$9 billion in Bitcoin options set to expire on March 29

Quick Take

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, with the total open interest amounting to 133,914 BTC. The put/call ratio is reported at 0.80, signifying more calls in circulation compared to puts, and 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.

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, indicating that a considerable number of call options are presently in the money.

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, which could have implications for future volatility perceptions and options pricing.

Open Interest by strike price: (Source: Deribit)

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