Deniz 
Early Friday’s $66,000 two-month high for Bitcoin prices surged after Thursday’s 4.5% rise as the market prepared for a momentous event. The expiration of $8.1 billion worth of Bitcoin futures contracts today has resulted in a spike in market activity, hence fueling investor expectation and notable volatility.
For the market, the expiration of these options contracts—which comprise call and put options—has great ramifications. Data show that $3.2 billion are put options, which let the holder sell at a set price; $4.9 billion are call options, which grant the holder the right to acquire Bitcoin at a predefined price.
At present, 28% of call options and 9% of put options are in the money, so they are profitable at current market values. If Bitcoin’s settlement price stays within its present range, though, a lot of both kinds of contracts are probably going to expire worthless. About 55% of call options have a strike price of $70,000 or above, therefore rendering $2.7 billion useless. Conversely, 69% of put options are set at $56,000 or less, therefore possibly leaving $2.2 billion in play.
Bulls in a good position mean that, upon contract settlement, they stand to benefit around $1 billion, therefore augmenting the positive momentum in the market.
Market observers expect further volatility in the next hours as Bitcoin keeps on its increasing path; many of them also consider how the expiration of these contracts would affect the price of the Bitcoin in the near future. The event emphasizes how options contracts are progressively influencing the Bitcoin market and generates very volatile market movements traders have to carefully negotiate.
For both investors and crypto aficionados, this is a pivotal moment since the mix of increased investor activity, options expirations, and the present optimistic attitude sets the foundation for more swings in the price of Bitcoin.
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