$1.3 Billion Worth of Bitcoin Options to Expire Later Today: Skew Data

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Fri, 11/27/2020 - 11:45
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Yuri Molchan
Data from Skew says that, today, roughly $1.3 billion worth of BTC options is to expire, totaling almost 78,000 BTC, while total OI on BTC options is almost $5 billion
$1.3 Billion Worth of Bitcoin Options to Expire Later Today: Skew Data
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Skew analytics team has tweeted that, this Friday, a gigantic amount of BTC options is to expire, cumulatively worth roughly $1.3 billion or nearly 78,000 BTC.

Skew has also shared more data on Bitcoin derivatives and BTC spot trading, which states that things are going well for Bitcoin despite the recent 10 percent correction.

Almost 78,000 BTC in options to expire

Skew derivatives data provider has taken to Twitter to announce that the biggest lot of Bitcoin options until the end of the year will expire today with a notional value of $1.3 billion (77,800 BTC).

The second biggest BTC options expiration this year is expected on Christmas Day (Dec. 25) and will total 66,500 BTC.

BTC
Image via Twitter

The cumulative open interest on Bitcoin options as of Nov. 26 totaled slightly under $5 billion, with the Dutch-based Deribit exchange taking the largest piece of that pie: $3.8 billion in OI.

BTC
Image via Skew

One third of this amount of options is to expire later today. When large amounts of Bitcoin options expire, traders usually expect BTC volatility to strengthen.

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CME becomes biggest BTC futures market

Skew has also spread the word that, judging by the latest data, CME has become the biggest BTC futures market for financial institutions.

The overall value of open interest on this type of BTC derivatives totals $1.16 billion compared to other exchanges, with OKEx ($1.07 billion) and Binance ($0.9 billion) being the second and third largest BTC futures platforms.

Such a massive rise in OI on BTC futures signifies high interest from institutional buyers.

Skew also reported that spot volumes of the BTC/USD pair exceeded $2 billion on Nov. 26.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.