Bitcoin bulls control Friday’s $1.7B monthly options expiry


On Friday, July 30, a total of 42,850 Bitcoin (BTC) options ($ 1.7 billion) will expire. This could be the first time since the weekend of May 21 that bulls will be able to take advantage of the $ 40,000 buyout options.

The most recent price increase may have led to the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors, BTC held relatively stable.

According to option markets, regardless of the reason behind the recent market strength, some incentives are in place for bulls to maintain the $ 40,000 level.

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Overall July 30 Bitcoin option opened interest by strike. Source:

While the initial analysis favors the neutral to optimistic calls by 21% depending on the proportion of call, a decent number of those bets were $ 45,000 and higher strikes. These options are almost worthless with less than 14 hours until maturity.

Bulls completely rule

Bears were too confident during the monthly expiration and 87% of the neutral-to-bearish options were set at $ 39,000 or less. If bears lower the price below this level on July 30, a total of $ 105 million options will be available.

Meanwhile, the neutral to optimistic calls below $ 39,000 amount to $ 320 million. The net result is a $ 215 million advantage favoring the neutral to optimistic calls.

Keeping the price above $ 40,000 on July 30 would increase the bulls ’lead by $ 140 million. This difference seems sufficient to justify a price push above that level, at least until 8:00 am UTC when Deribit expiration occurs.

July’s future contracts are also somewhat affected

Bitcoin future expirations happen at the same time, but unlike options, long and short are always the same.

A total of $ 650 million in BTC futures will expire this Friday, but this will largely depend on the CME’s $ 455 million as traders could close their position ahead of the expiration, which takes place on Friday at 15:00 UTC.

Currently, market election data is largely in favor of bulls, at least in the short term.

The views and opinions expressed here are only those of the author and does not necessarily reflect the views of Cointelegraph. Every investment and business move involves risk. You have to do your own research when you decide.