Bitcoin options approximately $ 2.1 billion expired today

Approximately $ 2.1 billion in Bitcoin options contracts has expired today. Option contracts expire usually by the last Friday of the month; However, Bitcoin's price has plummeted, and the last boom in May was the quietest ever. Bitcoin options are derivative contracts that give buyers the right to buy Bitcoins at a certain price in the future, but are not obligated. Almost all options contracts this month expired at 08:00 UTC, the expiry time specified on Deribit, the most popular Bitcoin options exchange. Skew.com's BTC options chart The maximum pain for options contracts this month – the trade price at which the largest number of contracts ends without profits – is $ 50,000. Last month, the $ 3.6 billion Bitcoin option expired with a maximum pain price of $ 54,000. The maximum pain price as seen on Coinoptionstrack.com The monthly event often coincided with low Bitcoin prices, and today's collapse supports the theory that options contracts push prices down. But Fadi Aboualfa, head of research at crypto chief Copper, said the broader economic data did not show that the termination of options contracts drastically would affect Bitcoin's price. He said that the price of the cryptocurrency "may rise in the coming weeks" and that the decline today may be temporary. Nathan Cox, Chief Investment Officer of Digital Asset Fund Two Prime, told Decrypt a series of "timely transactions" led by the massive price drop earlier this month, cutting Bitcoin's price in half from the previous high $. 64,000. moon. A buyer purchased a huge amount of options contracts at the $ 46,000 trading price, which indicates that "some traders know or expect what will come in the market." For the next months, Cox said, traders are "still on the toes of course", relatively consistent in price forecasts, and some even expect a rebound in September and December. Whether it is or not

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