Deribit Notional OI Hits $20B, While $4.5B BTC, ETH Options Set to Expire

  • Deribit’s notional open interest in Bitcoin and Ethereum options surges to $20.64 billion.
  • The milestone reflects continued growth and heightened interest in options trading within the crypto market.
  • In the next 24 hours, BTC and ETH options contracts worth $4.5 billion will expire.

The notional open interest (OI), representing the dollar value locked in active Bitcoin (BTC) and Ethereum (ETH) options contracts on the renowned derivative exchange Deribit, has surged to $20.64 billion.

Reportedly, this remarkable milestone closely echoes the Bitcoin peak in November 2021, when it traded over $66,000. Effectively, the current $20.64 billion in notional open interest signifies a substantial increase compared to November 2021, as Bitcoin trades 50.37% lower at around $34,000.

Deribit options open interest: Laevitas

This surge in open interest carries significant implications, as flows in the options market, driven by investors and market makers, could play a more influential role in determining the spot market price of Bitcoin.

Luuk Strijers, the Chief Commercial Officer at Deribit, expressed enthusiasm about the figure recorded on the platform. Strijers noted it demonstrates the continued growth and heightened interest in options trading within the crypto market. In his words:

The milestone has been achieved with nearly double the number of outstanding contracts, representing not just a substantial triumph for Deribit but also a clear indicator of the broader market growth and the escalating interest in options among our clients.

For the uninitiated, crypto Options represent derivative contracts granting the purchaser the right, but not the obligation, to buy or sell the underlying asset at a predetermined price on or before a specific date.

Furthermore, the Deribit executive disclosed that the derivative exchange would witness the expiration of BTC and ETH options contracts worth $4.5 billion within the next 24 hours. Strijers added: “That’s a particularly high value of which an uncommon percentage is set to expire in the money (ITM).” He underscored that the expiration is due to the recent market move prompting some market action.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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