Bitcoin bulls set to defend $13K as $450M in BTC futures expire Friday
A total of 62K (BTC) options are set to expire this Friday, and this is equivalent to $830 million in open interest. These massive numbers fail to reflect the fact that 58% of these options are now deemed worthless.
As we approach the expiry date, call (buy) options above the current level begin to depreciate very fast. It is not worth paying $20 for the opportunity to buy BTC at $14.5K on Friday morning. Therefore, rolling options to the next month is not that helpful.
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