$10 billion in Bitcoin and Ethereum options expire this Friday

Bitcoin (BTC) and Ethereum (ETH) options contracts worth a total of $10.18 billion are reaching their expiration date on Deribit, a prominent crypto derivatives trading platform.

This significant event, set for Friday at 11:00 (Bulgarian time), represents more than 40% of Deribit's current open interest, which amounts to over $23 billion.

Such significant option expirations every three months usually lead to increased market volatility due to significant trading volumes and traders re-arranging positions.

Bitcoin faced a recent decline of nearly 9% this month, dipping below $60,000, attracting buying interest from opportunistic investors. Ethereum suffered a similar decline of nearly 10% during this period.

Despite the recent decline in the market, traders are optimistic as they tend to pay higher premiums for both short-term and long-term call options compared to put options, which is indicative of bullish sentiment.

BTC is currently trading at $60,958, down 2.24% in the last 24 hours, while ETH is down 1.14%, hovering around $3,375.