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$600M in Bitcoin options expire on Friday, giving bears reason to pin BTC under $16K

Published 11/17/2022, 04:00 PM
Updated 11/18/2022, 12:40 AM
$600M in Bitcoin options expire on Friday, giving bears reason to pin BTC under $16K

No one can blame Bitcoin (BTC) bulls for placing bets at $20,000 and higher for the $600 million weekly options expiry on Nov. 18. After all, this level had provided a solid resistance since Oct. 25 and held for almost two weeks.

However, the base scenario changed abruptly on Nov. 8 after a liquidity crisis halted withdrawals on the FTX exchange. The movement surprised traders and over a 48-hour timespan, over $290 million in leverage buyers were liquidated.

Bitcoin/USD price index, 12-hour chart. Source: TradingView
Bitcoin options aggregate open interest for Nov. 18. Source: CoinGlass

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