Crypto analysis entity, Skew Analytics, gives stats suggesting that more than US$ 2.2 Billion worth of Bitcoin Options are going to be expired on 28th May 2021, which is today. According to Skew’s analysis, a total of 55,000 Bitcoin Options are going to expire on the said date and the lion’s share will go to Deribit whose options contracts are 48,469, equivalent to US$ 1.95 Billion.
Bitcoin community members have set their eyes upon the Bitcoin options contracts which are going to expire today.
It was informed by Skew Analytics that on Friday the 28th of May, 2021, a total of 55,000 Bitcoin contracts are going to expire. Earlier, on 25th May, Skew had posted a tweet informed that these contracts will expire with strike open amounting to US$ 40,000 in approximately US$ 130 Million notional. It told further that the contracts which are going to expire at 400 hours on the 28th worth about US$ 2.2 Billion.
The firm also noticed that the expiry of these Bitcoins was followed by the recent economic carnage caused to the crypto market. It was informed by Skew that Bitcoin has been facing challenges that are coming from China and the issues of leverage and environment. However, even with the existence of these major issues, the Bitcoin market has been able to show a good comeback. In addition, considering past performance, the Bitcoin options market, and the sell-offs taking place in the market this year, were better than in 2020.
In the past year because of the pandemic, the Bitcoin market was most of the time remained weak until the 2020’s end quarter. But after September 2020, the market went onto a rollercoaster ride and was disturbed on two occasions in the present year.
Skew also noted that out of these 55,000 contracts, approximately 48,469 contracts are held by Deribit. This means that the lion’s share will be captured and enjoyed by Deribit alone. Holding contracts of Bitcoin options comprising 48,469 units would literally mean an amount of US$ 1.95 Billion. The rest of the contracts have been held by firms such as CME, Ledgerx, and OKEx respectively informed Skew.
In the meanwhile, the expiration of 48,469 Deribit contracts was also re-affirmed by Deribit itself. The company also told that Ethereum contracts comprising 307,558 ETH too are going to expire soon. The notional value of these Ethereum coins has been given as US$ 877 Million by Deribit.
Similarly, there are other Deribit options contracts relating to Bitcoin and Etherum which too are expiring in the month of August. Also, a new opening of options contracts will be announced and issued simultaneously on 28th May 2021 as well. Deribit told further that in comparison with last year, the present year’s yields have increased about 10% and 8% for Ethereum and Bitcoin respectively.