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What the FUD? Fear drives Bitcoin price down, not Friday’s $6.1B expiry

Analysts say Friday’s $6.1 billion Bitcoin options expiry is putting downward pressure on BTC price but derivatives data suggests otherwise.
Earlier this week, Cointelegraph reported the importance of the upcoming $6.1 billion Bitcoin (BTC) options expiry on March 26. The article made clear that bulls were in control if one excluded the put (sell) options below $47,000, which is likely the case as BTC currently hovers above $50,000.As the expiry date draws closer, it’s less likely that traders will be willing to pay for the right to sell BTC at $47,000. The same could be said for the ultra-bullish call (buy) options at $60,000 and above. Therefore, the $6.1 billion total open interest is heavily inflated by worthless options.Could there be something hidden in BTC options that is causing current pressure on price pressure? To determine this, one needs to analyze how these calls and puts stack below $50,000.March 26 aggregate BTC open interest by strike. Source: Bybt.comThe total open interest slightly increased over the past ten days to 105,000 BTC options. Now that BTC price dropped to $51,500, these are now worth $5.4 billion. As previously mentioned, this is not a fair assessment to make if one excludes the neutral-to-bearish puts below $45,000, which are effectively worthless right now. This data means there are only 11,100 BTC contracts left.This number translates to a mere $572 million put options open interest, or 20% outstanding. The neutral-to-bullish call options focusing on the $20,000 to $56,000 range result in 20,850 BTC, or $1.07 billion at the current BTC price. This number is almost double that of the …
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