Bitcoin faces the expiration of $13.3 billion in monthly options with bearish pressure.

Source: CritpoTendencia Original Title: Bitcoin faces $13.3 billion expiration in monthly options with bearish pressure Original Link: The Bitcoin derivatives market is preparing for an options expiration of approximately $13.3 billion, in a context marked by a wide gap between the spot price and the level referred to as <.

The situation exposes a risk structure that tests institutional traders and fund managers, while open interest and hedging strategies anticipate possible abrupt movements in the quotation.

Monthly Bitcoin Options Expiration: Composition and Data

The November options expiration involves nearly 153,800 BTC in contracts. Of this figure, approximately 92,700 BTC correspond to call options (buy) and 61,100 BTC to puts (sell), resulting in a put-call ratio of 0.66, reflecting a greater bullish inclination, although the spot market remains well below the most relevant strikes.

According to the data, the so-called <> is located near $102,000, almost 17% above the current price of Bitcoin.

This level represents the point where the highest number of options expire worthless, minimizing losses for sellers.

However, with the spot price of Bitcoin trading well below, most call contracts remain out of the money, while active puts also do not show considerable exposure at extreme strikes, reflecting expectations of low volatility or little confidence in an immediate rebound.

Risk concentration at the $80,000 strike.

The main open interest cluster is located at the strike of $80,000, where defensive positions and hedging strategies adopted by institutional investors prevail.

Only 26% of contracts - about $3.4 billion - have value at the current market price, while the remaining 74% ($9.9 billion) is above the price of Bitcoin and is unlikely to be exercised.

The structure of the options curve shows a dominance of bets placed outside the current quotation range, which usually translates into little pressure to drive extreme price movements at the time of expiration.

Nevertheless, the existence of significant positions above the spot suggests that any sharp fluctuations could trigger liquidations or accelerated adjustments in the hedging strategies of market makers.

Market outlook and signals for the short term

The November expiration exhibits an asymmetric risk configuration, where most contracts lack intrinsic value in the current scenario. Additionally, the absence of pressure to drive the price towards the level of <> reinforces the thesis of a market in consolidation until new catalysts prompt a readjustment among institutional funds.

For portfolio managers and options traders, the focus remains on the evolution of hedges and the potential rapid movements of the implied volatility curve.

An eventual crossing of key levels, especially towards the dominant strikes, could modify the market dynamics and open opportunities for directional or arbitrage strategies.