"Bitcoin, ₩13.7 trillion worth of options set to expire soon…Caution advised for extreme volatility in the 95k~105k range"

Bitcoin (BTC) options worth approximately $10 billion (about ₩13,763,000,000,000) are set to expire at the end of this month. In the industry, the $95,000~$105,000 range is emerging as a key axis for directional price movement.

According to the cryptocurrency-specialized media CoinDesk, on the 31st at 8:00 AM (local time), about 93,131 Bitcoin options (totaling $10 billion) will expire on the global derivatives exchange Deribit. Of these, call options account for 53%, indicating a predominance of bullish sentiment among investors.

As per the media, currently, strike prices with concentrated risk based on open interest (OI) are gathered at $95,000, $100,000, and $105,000. This range is expected to serve as a key variable for market direction and volatility before and after expiry.

The DeFi (Decentralized Finance)-based options platform Volmex commented, "Nearly $2.8 billion worth of Deribit BTC options nearing expiration are concentrated in this range, which could trigger rapid rebalancing across the market right before expiry." They added, "Even small moves can prompt aggressive hedging by market makers, making the environment highly sensitive."

However, views on volatility remain mixed. Deribit's 30-day volatility index (DVOL) continues to decline, suggesting that structural concerns over this particular options expiry are limited.

Meanwhile, as of 15:38 on this day, Bitcoin is trading at around $107,700. This represents a slight decrease compared to last week's all-time high of $111,970.

Open interest refers to contracts in derivatives like futures and options that remain unsettled. Typically, an increase in open interest implies the potential for heightened price volatility in a coin.