- About 62K Bitcoin options are ready for expiry on Friday.
- The dropping of this massive Bitcoin might can BTC to become volatile.
In recent days, the king cryptocurrency Bitcoin (BTC) began displaying bullish moves in price, to the extent it made another all-time high for this year at about $13,700. Many Bitcoiners, traders, and crypto analysts speculated that the long-expected halving bull run is almost here, as the cryptocurrency kept display more strength in price. However, it remains unknown if Bitcoin will maintain the momentum as more BTCs will be entering the market soon.
Incoming massive Bitcoin options drop off
Skew.com, a digital currency market data company, informed in a tweet on Wednesday that a significant amount of Bitcoin is riped for expiry in the next two days. Precisely on October 30, about 62,000 Bitcoin options contract will expire, probably during the end of the trading day. Going with the current price of the cryptocurrency on Coinmarketcap, a crypto price tracking platform, these Bitcoins are worth over $846 million.
62k #bitcoin options dropping off this friday, big expiry! pic.twitter.com/I71aJ6yWIj
— skew (@skewdotcom) October 28, 2020
The Bitcoin options expiry is coming just when the Bitcoin and crypto market is looking profitable. The massive dropping of the Bitcoins is likely going to shake the crypto market. As Bitcoin leads the pace in the current market upticks, a 62,000 Bitcoin option expiry can erupt the cryptocurrency’s price volatility. A significant slump in BTC price might also mean the end of the current upticks in the market.
More demand for Bitcoin
However, there are chances that the Bitcoin options expiry won’t affect the cryptocurrency price increases. It appears that there is more demand for crypto amongst the institutional and retail investors. Recently, Cryptopolitan reported that the Bitcoin miners to exchange flow spiked by over 300 percent within the space of 24 hours. At the time, speculations held that such an event doesn’t always mean good for Bitcoin, and it can make BTC price volatile.
Regardless, the cryptocurrency ended the day stronger. Hopefully, the current BTC demand can possibly balance the video when the contracts expire on Friday.
