$6.44 billion Bitcoin options expire today

Bitcoin options worth $6.44 billion on Deribit will expire on Friday at 08:00 UTC, involving 81,700 contracts, of which 44,639 are call options and 37,061 are put options, with a put/call ratio of 0.83, indicating an overall bullish sentiment. Deribit's maximum pain point is between $68,000 and $70,000, which is about $9,000 to $11,000 lower than Bitcoin's current price of approximately $79,000.

The open interest for call options is concentrated at strike prices of $75,000 and $80,000, with a notional value exceeding $500 million within 5% of the spot price. Frank Hepworth, CEO of New Market Trading, stated that expiration week "always sounds scarier than it actually is," with about 62% of contracts set to expire worthless on Friday, and the size of September expiration contracts is expected to be nearly double that of this week.

This expiration coincides with the second day of the Jackson Hole Economic Policy Symposium, where newly appointed Federal Reserve Chair Kevin Warsh will deliver his first keynote speech. Hepworth pointed out that if the pullback triggered by this week's PCE data continues into Friday, Bitcoin's 200-day moving average (around $69,000) is worth watching.