Many options traders bet that by May 2021, the price of Bitcoin will reach $80,000. At the same time, more than 100,000 Bitcoin options worth more than $6 billion will expire on Friday, breaking the record in January.

Bitcoin options of $6 billion will fall, and the target for betting in April is $80,000 per bitcoin

Today, on March 26, 2021, the cryptocurrency ecosystem will witness one of the largest option expirations to date, as more than 100,000 Bitcoin options will expire. Today’s $6 billion expiry date surpasses the latest record in January, when Bitcoin options worth $4 billion expired.

Data from skew.com shows that the open positions of bitcoin options offered by various exchanges are close to $15 billion. The Deribit exchange received more than $12 billion in unclosed positions.

Deribit leads the way in both open positions and options trading volume, followed by Bit.com and Okex. In terms of Bitcoin options, Huobi has the least holdings, and Binance has the least holdings of all exchanges.

Bitcoin options over $6B will expire today, and the April contract shows that the bet amount is $80K per BTC

At the same time, the co-founder of the data analysis team Glassnode detailed that many traders bet that BTC will reach $80,000 when it expires on April 30, 2021. Glassnode executives also mentioned that this huge expiration date will end at the end of the day.

The founder of Glassnode shared a Twitter account: “This Friday, an option contract worth $6 billion will expire.” famous. The researcher added: “The Bitcoin price in April is expected to be very high, and many investors are betting on new $80,000.”

READ  'Chartmaster' expects Bitcoin price to touch $29K, Delta Exchange CEO said'Bitcoin has not found the bottom line'-Market and Price Bitcoin News

One said: “April will be a month of hell.” Said Respond to the tweet.

Skew: “Could this be the beginning of the end of Contango?”

If the price is less than $80,000 after expiration, the option contract betting on that price will lose. In addition, Bitcoin fans on Reddit said that after Friday’s expiration, people should “take some serious actions next week and beyond.”

Just recently, Bitcoin.com talked about the contango effect on Bitcoin, that is, the difference between spot prices and derivatives market prices. Skew.com said that in the near future, the end of Bitcoin contango may come.

“Whether this will be the beginning of the end of the Bitcoin futures curve when high-yield investors embrace cryptocurrency? CME Group seems to be leading the way,” Skew Tweet. Today’s expiration date should help people understand the trend of BTC prices in the next few weeks. The Bitcoin price of $80,000 is much higher than today, but historically the price of BTC performed well in April.

What do you think of the $80,000 option strike and the $6 billion Bitcoin option expiring today? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Binance, Bit.com, Bitcoin, Bitcoin (BTC), Bitcoin derivatives, Bitcoin options, BTC, Delhi Bit, glassnode, Huobi, LedgerX, Okex, option data, research, Skew.com

Picture Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode,

Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for any damage or loss caused or allegedly caused by using or relying on any content, goods or services mentioned in this article or related thereto.