The amount of open positions in Bitcoin options on Deribit, the largest derivatives exchange, is increasing day by day. As it is known, the growth of open positions means higher liquidity and more market participants.

“Higher than usual”

More than $9.5 billion in open positions in Bitcoin options traded on the exchange will expire tomorrow. This figure was the highest level the exchange has ever seen as of the close of the month. Deribit analysts used the following statements on the subject:

“This Friday marks one of the biggest expiries in Deribit’s history as $9.5 billion Bitcoin options open interest out of $26.3 billion will expire, or 40%. These levels are higher than usual which can also be seen in the low max pain levels. The reason is of course the recent price rally. Higher levels of in-the-money expiries might lead to potential upward pressure or volatility in the underlying and a removal of the lower max pain magnet,”

In January and February, this figure was $3.7 billion on the Deribit exchange.

“The market is still in an uptrend…”

According to Deribit manager Luuk Strijers, the overall cryptocurrency market is still in an uptrend when derivatives data is taken into account:

“This is especially when looking at the basis yield that can be achieved by buying spot and selling the longer-dated futures,”