Bitcoin is trapped between $75,000 and $80,000 ahead of a massive Friday derivatives settlement
Bitcoin is trading between $80,000 and $78,000, and faces two option strikes that could shape dealer hedging into Friday. Related Asset Bitcoin #1 BTC · $78,653.71 24-hour change: down 0.19% 24H Down 0.19% 7D Up 13.54% 30D Up 24.57% Reported call exposure at $75,000 and $80,000 creates a test of whether those positions dampen Bitcoins next move or add force to a break. Roughly 81,700 Bitcoin options representing about $6.4 billion in notional are scheduled to settle on Deribit at 08:00 UTC on Aug. 28. A refresh of Deribits BTC options data placed its Bitcoin reference price near $78,514. Applied to 81,700 one-Bitcoin contracts, that gives about $6.415 billion in notional. Related Company Deribit Cryptocurrency Futures & Options Trading The $75,000 call strike carried about $236 million in reported notional, while the $80,000 call strike held about $157 million. Those are call-side open-interest concentrations, worth a combined $393 million or 6.1% of the reported $6.44 billion expiry. Deribit data shows 81,700 Bitcoin options contracts expiring Aug. 28, with more than $500 million concentrated near the $75,000 and $80,000 call strikes.The Bitcoin hedge path can split two ways Options dealers adjust hedges as Bitcoin moves and an options sensitivity to the underlying price changes. Near expiry, those adjustments can