A number of options traders are betting that the price of bitcoin will reach $80,000 by May 2021. Meanwhile, more than 100,000 bitcoin options worth more than $6 billion expire Friday, breaking the previous expiration record from January.

Options on $6 billion bitcoin drop, April price target: $80,000 per bitcoin

Today, March 26, 2021, marks one of the largest option expirations in the crypto-ecosystem to date, as more than 100,000 bitcoin options expire. Today’s 6 billion surpasses the last record set in January, when $4 billion in bitcoin options expired.

Data from skew.com shows that there is nearly $15 billion in open interest on exchanges offering options on bitcoin. Deribit Exchange is raising over $12 billion from all open interest.

Deribit leads in open interest and options volume, followed by Bit.com and Okex. Huobi has the lowest open interest rate in terms of bitcoin options, while Binance also has the lowest volume of any exchange.

Meanwhile, the co-founders of Glassnode’s data analytics team have detailed $80,000 to gamblers for the 30th. April 2021, the expiration date of the BTC. Glassnode officials also mentioned a massive expiration date that would end at the end of the day.

The option contracts, worth $6 billion, expire this Friday, Glassnode’s founders noted, sharing the Twitter account. Expectations for the bitcoin price in April are high, with many investors betting on $80,000, the researchers added.

April is going to be one hell of a month, said the person responding to the tweet.

Step: Could this be the beginning of the end for Contango?.

If the option price is lower than $80,000 at expiration, option contracts betting on that price lose. In addition, bitcoin fans on Reddit are saying that after Friday’s expiration, people should get around to some serious action next week and beyond.

Recently Bitcoin.com looked at the bitcoin contango effect, which is the difference between spot and futures prices. Skew.com claims that the end of the constant for bitcoin could be in the near future.

Could the craze among cryptocurrency investors signal the beginning of the end of bitcoin’s contango futures curve? It looks like the WEC is leading the way, Skew tweeted. Today’s drop should help people see where BTC prices are going in the coming weeks. Bitcoin prices at $80,000 are much higher than today, but historically BTC prices have done well in April.

How about the $80,000 and $6 billion bitcoin options that expire today? Let us know what you think in the comments below.

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Binance, Bit.com, Bitcoin, Bitcoin (BTC), bitcoin derivatives, bitcoin options, BTC, Deribit, Glass Code, Huobi, LedgerX, Okex, options data, research, Skew.com

Photo credit: Shutterstock, Pixabay, Wiki Commons, Glassnode,

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