Traders watch $11B bitcoin options expiry on Deribit Oct 30
Big moves might be coming to crypto: about $11 billion in bitcoin options are expiring on October 30, which is nearly one-third of all open options on Deribit.
With bitcoin trading around $81,100 and many bets set at $90,000 or higher, lots of these contracts could end up worthless, so traders are watching closely.
US midterms increase bitcoin options unpredictability
This expiration lands just days before the US midterm elections on November 3, making things even less predictable.
About 70% of the expiring options' gamma is concentrated between $75,000 and $82,000; Adam Haeems, head of asset management at Tesseract Group, says if dealers are short, their hedging could accelerate a fall through the range of $75,000 to $78,000.
Plus, Caroline Mauron, co-founder of Orbit Markets, expects sellers may wait until after the election.