There will be a big improvement awaiting investors and traders next Friday. More than 100,000 Bitcoin option contracts, worth a total of $ 930 million, expire on this date.
Bitcoin price experienced a 30 percent increase this year and was around $ 10,000 at the beginning of the month. Nowadays, it is around $ 9400.
On 26 June, there will be a big development waiting for investors and traders. More than 100,000 Bitcoin option contracts, worth a total of $ 930 million, expire on this date. The figure equals 70 percent of all open positions in Bitcoin.
Large fluctuations can occur in Bitcoin
Bitcoin option contracts approaching due date may cause large fluctuations in price. As can be remembered, after the previous contract end dates, prices jumped aggressively and the number of Bitcoin open positions also increased.
According to information from the Bitcoin data platform Skew; Bitcoin open position value increased to $ 1.3 billion. This figure is almost twice the value of the past few months.
In addition to the end of the upcoming Bitcoin contracts on Friday, global stocks also fell based on investor confidence in Europe, the USA and China. The main reason for this is the increase in coronavirus cases again.
According to Chris Thomas of Swissquote Bank, one of the most critical points to follow in the next few weeks is coronavirus-based sales.
On the other hand, despite the increase in the number of positions in Bitcoin option contracts, most investors continue to see BTC as digital gold and hold it as a long-term investment.
The biggest cryptocurrency Bitcoin, with its market value, is trading at $ 9500 in minutes of the news.