Bitcoin Drops After $1.6B Monthly Options Expiry

Bitcoin Drops After $1.6B Monthly Options Expiry

Bitcoin faced selling pressure on Friday after Deribit, the world’s largest crypto options exchange by volume and open interest, settled monthly options contracts worth $1.6 billion.

The cryptocurrency slipped from $39,800 to $38,500 after 08:00 UTC, the designated settlement time on Deribit. A total of 41,000 contracts expired, of which 22,000 were calls options, and the rest were put options, according to Deribit data.

While the exact nature of the expiry-related flows is not known yet, prices frequently become more volatile after expiry.