6,4 tỷ đô la Mỹ quyền chọn bitcoin sắp hết hạn vào thứ Sáu, có thể làm tăng biến động thị trường trong tháng Năm

The Huoxing Finance report, citing CoinDesk, states that approximately 81,700 Bitcoin options contracts on Deribit (notional value of about $6.4 billion) will expire on Friday at 08:00 UTC. Call options outnumber put options, with a put/call ratio of 0.83, and the maximum pain point is at $68,000. The notional value of call options at the $80,000 strike price amounts to $157 million, while the largest open interest for call options is at the $75,000 strike price, reaching $236 million. Deribit’s Chief Risk Officer, Shaun Fernando, said that nearly 20% of Deribit’s Bitcoin open interest is expiring, compounded by market volatility, a shift in the volatility term structure from backwardation to contango, a 30% relative increase in DVOL, and a shift in call-put skew from negative to positive—making this a “notable expiration.” Bitcoin has surged from around $62,000 to $80,000 within a week, marking the second-largest weekly gain in years, with a large number of call options below $80,000 now in-the-money. Fernando noted that over $500 million in notional value lies within a 5% price range of the current level, potentially triggering intensified gamma hedging before expiration, leading to “pinning” near key strike prices or accelerating breaks through them. Market makers’ dynamic hedging to manage exposure may cause Bitcoin’s price to oscillate around dominant strike prices such as $80,000; a decisive breakout beyond this level could trigger a larger move.