The delivery date of 62,000 Bitcoin option contracts in the derivatives markets will expire on Friday, October 30th. According to Forbes, this development, which could create a $ 800 million shock wave in the markets, already makes Bitcoin investors curious.
Bitcoin, which tested the $ 14,000 threshold yesterday, has lost more than 1 percent in the last 24 hours. While the BTC / USD pair is currently trading at just under $ 13,200, Bitcoin investors are looking to Friday, October 30th. The reason for this is that Friday is of great importance especially for the options market.
60 thousand option contracts expire
Bitcoin price has not dropped below $ 10K for almost 100 days and still hovers above $ 13K. However, while the uncertainty in the markets has not been fully resolved, an event is approaching that will exacerbate this uncertainty.
According to Skew data, there are contracts worth a total of $ 2.5 billion in the Bitcoin options market. $ 1 billion of these are due to contracts opened last month. According to current data, the delivery date of 62 thousand of these option contracts expires on Friday. It is thought that this could create a shock wave of $ 800 million in the markets.
May not have the expected effect
Cryptocurrency investors had a similar day at the end of last month. $ 1 billion of Bitcoin at the end of September; The $ 450 million Ethereum contract has expired. Bitcoin price started to rise with the effect of whale movement on this critical day at the end of September.
It is unclear whether this development in the options market tomorrow will affect the spot market. Although Billy Bambrough, a Forbes writer, thinks this could affect the market, historical data show that the opposite can happen.