Put-Call relationship jumps when the quarterly settlement is velted

Bitcoin’s

The relationship between the call has jumped in front of Friday’s options of several billion dollars in derivative, but its traditional Bearish interpretation may not tell the full story this time.

The open interest in calls refers to the ratio of active put contracts to active call contracts at a given time. An increase in the relationship between the call indicates a bias against putting options that offer protection against downward risks and interpreted as representing a bearish market mood.

However, the latest spike is at least partially driven by “cash-secured puts”-a yield generation and BTC accumulation strategy. The strategy involves selling (writing) put and a move that is analogous to selling insurance against price falls in return for a small prize in advance.

At the same time, the author will keep cash (in stableecoins) on the sidelines to buy BTC as obliged if prices fall and the buyer decides to exercise the right to sell BTC at the pre -determined higher price.

The prize collected by writing the PUT setting represents a yield with the potential for BTC accumulation if the Put buyer exerts the setting.

“The put/call ratio has risen to 0.72 – up from just over 0.5 in 2024 – indicating a growing interest in put options, often structured as cash -proof sets,” Lin Chen, head of business development – told Asia at Deribit, to Coindesk.

Options expired worth $ 14 billion threatening

Friday at. 08:00 UTC expires a total of 141,271 BTC option contracts worth over $ 14 billion, which represents more than 40% of the total open interest rate on abandonment, according to data -derived measurements.

Of the total due to settlement, 81,994 contracts are calls, while the rest are set settings. On derivative, an option contract represents a BTC.

Chen said that almost 20% of the expiring calls are “in the money (in profit)”, which means a large number of market participants have calls on strikes that are below BTC’s current spot market rate of $ 106,000.

“This suggests that call buyers have worked well in this cycle and adapted to the continuous inflows to BTC ETFs,” Chen noted.

Holders of calls in the money (ITM) are already profitable and can choose to book profits or uncover their positions as the outlet approaches, which can add market volatility. Alternatively, they can roll over (shift) positions to the next outlet.

“Since this is a big quarterly expiry, we expect increased volatility around the event,” Chen said.

BTC settings: Distribution of open interest in the expiry of June 27. (Deliminate)

Virtually most of the calls are set to expire out of money or worthless. Remarkably, the $ 300 call has the highest open interest, a character trader probably hoped for a big price rally in the first half.

The maximum pain for the outlet is $ 102,000, a level where option buyers would like the most.

Focus on $ 100K- $ 105K range

The latest market flows indicate expectations of back and forth trade with a slight bullish bias as we approach the expiry.

According to data traced by the leading crypto market manufacturer Wintermute, the latest streams are crooked neutral, with dealers selling Straddles – a volatility Bearish strategy – and writing calls about $ 105,000 and shorting sets $ 100,000 for June 27th expired.

“For #BTC settings, crooked Neutral with Straddle/Call, which sells about 105k and short sets to 100k (June 27), pointing to the expectations of tight price action to the outlet. Selective call purchase (108k – 112k, Christmas/Sep) adds a uncovered Bullish Tilt. E -Mail.

Read more: Bitcoin could spike for $ 120,000, here are 4 factors that increase the case for a BTC Bull Run

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