$18.6 Billion in Bitcoin Options Near Expiry…“Whether It Reclaims $75,000 Is the Key Inflection Point”

As a large tranche of Bitcoin options heads toward expiry, attention is growing over where the market is headed.

According to Cointelegraph on the 26th (local time), about $18.6 billion worth of Bitcoin options will expire this Friday.

In the current options market, call options stand at about $11.2 billion and put options at about $7.4 billion, with calls accounting for a larger share. However, if the price fails to clear $71,000, more than 90% of all call options could end up expiring worthless.

Bitcoin has recently remained range-bound between $67,700 and $71,600. The market is watching whether it can break above $75,000 as a key turning point.

In particular, it would require roughly a 6% rise from current levels, and if that is not achieved, the setup becomes relatively favorable for put options.

By exchange, Deribit accounts for 76% of the overall options market with about $14.1 billion in open interest, followed by OKX and CME.

By price range, puts are expected to lead by about $1.8 billion in the $65,000–$69,000 band, and by about $950 million in the $69,001–$72,000 band.

By contrast, if the market moves into the $75,001–$78,000 range, calls would take the lead by about $790 million.

Analysts also say macro factors such as inflation concerns and geopolitical risks in the Middle East are adding to the market’s burden.