Currently, there are approximately $30 billion worth of Bitcoin contracts expiring tomorrow, December 26th, a record high for Bitcoin options.
Large call options are trading above $100,000, while large put options are around $85,000. Call options are more than two-thirds larger than put options, or roughly 3:1. With Bitcoin currently trading around $87,000, bears are the biggest winners.
The maximum pain point is around $95,000, at which point both sides will experience the greatest losses.
Below $90,000, put options are the biggest winners.
As we reach $94,000 or $95,000, the profits from put options decrease.
Bitcoin needs to cross at least $100 for call options to start generating profits.
Important note: Options contracts differ from futures contracts, but this doesn't mean there won't be volatility tomorrow.
In any case, if Bitcoin remains at these levels until tomorrow, it will put even more downward pressure on itself.
The data pertains to the Deribit platform only.
