Bitcoin’s (BTC) $5.8B Quarterly Options Expiry May Spark Market Swings, Deribit Says

Of the total bitcoin open interest of $5.8 billion, about 20% was “in-the-money” or having favorable strike prices compared to the cryptocurrency’s going market rate. A similar positioning is seen in ether options. For call options, being in-the-money means having a strike price lower than the going market rate, while it’s the other way around for ITM puts. Both allow holders to exercise their right to buy or sell profitably, setting the stage for market volatility.