Crypto Derivatives Market Braces for Significant Options Expiry

The upcoming expiration of Bitcoin and Ethereum options contracts is expected to have a significant impact on the crypto derivatives market. With a total notional value of nearly $7.5 billion, the event will concentrate a substantial liquidation in the middle of a market correction.

Bitcoin holds 84,112 open contracts with a notional value close to $6.2 billion, while Ethereum has 643,639 open contracts worth around $1.29 billion. The Put/Call Ratio for both assets reflects a slightly bullish bias among active market participants, but the recent price drops have left many calls out of the money.

According to analysts at Greeks.live, Bitcoin's price has started breaking below the key GEX (Gamma Exposure) concentration zone, which may weaken the supportive resistance provided by open interest. Ethereum has also broken below its main GEX resistance level, with gamma heavily concentrated around the $2,000 mark.