Today, Bitcoin and Ethereum options worth about ₩5.3 trillion expire… "Geopolitical risks in the Middle East increase uncertainty"

As geopolitical risks stemming from the Middle East have intensified and bearish pressure continues in the virtual asset (cryptocurrency) market, options contracts worth $3.9 billion (approximately ₩5,326.2 billion) are expiring today.

According to specialized cryptocurrency media outlet CryptoPotato on the 20th (local time), the scale of crypto options expiring on this day is tallied at $3.3 billion for Bitcoin (BTC) and $546 million for Ethereum (ETH). The total notional value of all options expiring today amounts to about $3.9 billion.

Deribit, a cryptocurrency derivatives exchange, reports that the put/call ratio for Bitcoin options is 1.16, indicating a slight dominance of short positions. The Max Pain Point stands at $106,000, a bit above the current price. In contrast, Ethereum options have a put/call ratio of 0.68 and a Max Pain Point of $2,600, reflecting a relatively stronger bullish sentiment.

Greeks Live, a cryptocurrency options analytics platform, stated in its weekly report: "Bearish sentiment is prevalent across the market, and there are growing concerns that if key support levels at $104,000 and $100,000 are breached, the altcoin market could face substantial contraction." It added, "Geopolitical risks from Iran are further amplifying this uncertainty."

Meanwhile, option prices tend to converge towards the Max Pain Point, and there is analysis that this could influence the short-term direction of the market today.