The price of Bitcoin (BTC) remained above the $69,000 level on March 29, despite the largest quarterly Bitcoin futures options expiry event in history taking place in the market.
According to Hao Yang, the global head of derivatives trading at Bybit exchange, over $15.1 billion worth of cryptocurrency futures options expired on Deribit at 8:00 am UTC on March 29, as reported by Deribit on March 28.
Out of the $15.1 billion, $9.53 billion represented the notional value of Bitcoin options expiring at a put/call ratio of 0.84, with a “max pain” price potential of $51,000.
While the expiry of options can lead to increased volatility, Yang explained that the “max pain” price point does not accurately reflect Bitcoin’s long-term price potential, which is still tied to its fundamental values.
Despite the expiry event, the impact on the price was minimal, according to Andrey Stoychev, project manager at Nexo’s prime brokerage division. He stated that the pre-halving Bitcoin correction may be over.
According to CoinMarketCap data, the price of Bitcoin fell by 0.7% in the 24 hours leading up to 10:35 am UTC, trading at $69,924. However, on the monthly chart, the world’s first cryptocurrency is up by over 11.9%.
The recent retracement of Bitcoin before the halving event is in line with previous historical retraces. If the price of Bitcoin can turn its old all-time high of $69,000 into a support level, the current pre-halving correction may be over, as stated in a video analysis by Rekt Capital on March 26.
In conclusion, the Bitcoin price remained stable above $69,000 despite the record-breaking quarterly Bitcoin futures options expiry event. The impact on the price was minimal, and experts believe that the pre-halving correction may be coming to an end if certain price levels are sustained.