Experts Debate Bitcoin Price Volatility as $675M in BTC Options Expire
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On June 26, $675 million worth of Bitcoin options expired, while industry experts remain divided on its potential effect on price volatility. Some believe the record expiration date will cause Bitcoin (BTC) to see a large price movement.
With less than 24 hours until the highly anticipated expiration, Bitcoin’s price dropped by 7% on a single day on June 24. Traders speculate the drop was partially triggered by the uncertainty in the United States’ stock market. A rising number of coronavirus infections and concerns around the high unemployment rate led to an overall increase in caution toward risk-on assets, including Bitcoin and single stocks.
As Bitcoin approached the record expiration date on Friday after recording a steep pullback, the sentiment still remained generally cautious. Previously, Cointelegraph reported that $930 million worth of options was expected to expire. According to Deribit, $675 million worth of options officially expired on June 26. Data from ByteTree shows Bitcoin is trading at a premium, with miners selling 1,379 more BTC than they mined in the past week.
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