GamesInteresting to see the drop considering Fridays BTC options expiry - don't think joe retail are the ones playing the games here. Next 24 hours should be entertaining! Snippet from Cointelegraph below:
Below are the four most likely scenarios for the Oct. 22 expiry. The imbalance favoring either side represents the theoretical profit. In other words, depending on the expiry price, the quantity of call (buy) and put (sell) contracts becoming active varies:
- Between $60,000 and $62,000: 8,670 calls vs. 3,070 puts. The net result is $335 million favoring the call (bull) instruments.
- Between $62,000 and $64,000: 10,780 calls vs. 2,100 puts. The net result is $540 million favoring the call (bull) instruments.
- Between $64,000 and $66,000: 13,050 calls vs. 280 puts. The net result is $830 million favoring the call (bull) instruments.
- Above $68,000: 13,680 calls vs. 20 puts. The net result is complete dominance, with bulls profiting $940 million.
Link below for full write up for those who are interested:
https://cointelegraph.com/news/bitcoin-bulls-set-to-net-an-830m-profit-after-friday-s-btc-options-expiry