Massive $6B Bitcoin and Ethereum Options Set for October 24 Expiration

Key Points

• Over $6 billion in crypto options are set to expire on Deribit in a bullish crypto market.
• Bitcoin and Ethereum are performing well, with Bitcoin trading above $111,000 and Ethereum trading above $1,970.

Today, October 24, marks the expiration of more than $6 billion in crypto options on Deribit. This is happening amidst an overall bullish crypto market.

The general crypto market has risen by more than 1.5%, boasting a total market cap of over $3.76 trillion.

Details of the Crypto Options Expiry

Bitcoin and Ethereum options worth over $6 billion are set to expire on Deribit at 8:00 (UTC) today.

The BTC options will expire with a Put/Call ratio of 1.03 and a Max Pain Point of $114,000, which is higher than the current price of Bitcoin (BTC). The ETH options, on the other hand, will expire with a Put/Call Ratio of 0.79 and a Max Pain Point of $3,950, lower than the current price of Ethereum (ETH).

Currently, the crypto market is bullish, and it remains to be seen how it will react following the options expiry.

Performance of Bitcoin and Ethereum

At the time of writing, Bitcoin is trading above $111,000, marking an increase of more than 1.5% in the last 24 hours. It’s worth noting that institutional interest in Bitcoin continues, with the Bitcoin ETFs in the US recording another day of inflows on October 23, exceeding $20 million.

Ethereum, on the other hand, is trading above $1,970. It has performed better compared to Bitcoin today, with a 2.5% increase in the past 24 hours. Unlike Bitcoin ETFs, Ethereum ETFs recorded a day of outflows on October 23 of over $127.5 million.

The crypto market remains optimistic on October 24, ahead of the crypto options expiry and the CPI data set to be released later. Despite the partial shutdown of the US government that began on October 1st, the economic data will still be released later today.

The September CPI data could potentially influence the upcoming trajectory of Bitcoin’s price. However, there are several optimistic factors that support the market. These include the latest news from the US, revealing that Trump pardoned CZ, multiple crypto ETFs expecting approval from the US SEC, and upcoming rate cuts by the US Fed.

The next FOMC meeting is scheduled to take place on October 29, with the chances for a new rate cut currently close to 99%. Additionally, the US Fed is expected to announce the end of QT next week.