Bitcoin is facing a massive options expiry that could put more pressure on a market already struggling with fading institutional demand and macroeconomic headwinds.
About $10 billion of notional value in Bitcoin options is set to expire on Deribit, the largest crypto options venue, at 4 p.m. Friday in Singapore. Because most of those options are bullish bets and Bitcoin has been falling, there’s potential for traders to adopt more defensive or bearish positioning.