Bitcoin (BTC) options worth billions of dollars expire on dismissal on Friday. The impending settlement, although large, may not provide significant market volatility, Exchange told Coindesk.

More than 139,000 BTC option contracts worth $ 12.13 billion, representing nearly 45% of the total active BTC contracts across all outlets, is expected to run this Friday, according to data -derived measurements.

More than 65% of the total open interest is concentrated in call options that give buyers an asymmetrical bullish exposure, while the rest is in put options that offer downward protection.

Quarterly expiry of such massive sizes is known to breed market volatility, but this may not be the case this time after the continued fall in the Bitcoin 30-day implicit volatility index (DVOL). The index has dropped from an annual 62% to 48% in the weeks up to the end, suggesting muted volatility expectations.

Similar conclusions can be drawn from the basis of the annual eternal futures of approx. 5% on the stock exchange, signaling a quieter financing environment.

“Despite the size of the outlet, the total setup – low dvol, moderate basis and balanced settings – positioning – is a relatively muted outlet, unless external catalysts show up,” Luuk Strijers, CEO of Deribit, told Coindesk.

Some downward cover seen

Options Skew, which measures the difference between implied volatility (pricing) for calls relative to puts, shows disadvantages regarding in the construction of Friday’s end.

That said, the wider views remain constructive.

“The 3-day put-call cube is a bit positive, indicating some immediate demand for the protection of downward, while the 30-day put-call skew is a bit negative, indicating a more bullish view of the medium term,” Strijers said.

Also expired Friday is ether (ETH) options worth $ 2.8 billion.