Will the cryptocurrency market continue to surge as 126 billion Bitcoin options expire

Coinworld.com reported:
Approximately 18,500 Bitcoin options contracts with a nominal value of approximately $1.26 billion will expire on Friday, October 18th.
Today’s options expiration is lower compared to last week due to decreased volatility, which may have a minimal impact on the spot market.
However, there is a large Bitcoin options expiration event worth $4 billion on the last Friday of this month.
The put/call ratio for Bitcoin options contracts expiring this week is 0.86, indicating slightly more long (call) contracts expiring than short (put) contracts.
Furthermore, the value or quantity of open interest (OI) or outstanding options contracts that have not yet expired remains high, with a value exceeding $1 billion when calculated at an exercise price of $70,000.
According to suppressed pricing, when calculated at an exercise price of $100,000, the OI also exceeds $1 billion, indicating renewed confidence among derivative longs.
BTC OI expiration. Source: Deribit
Analyst James Check observed that Bitcoin futures OI has reached a new all-time high. He added that this implies two things: high leverage means a higher likelihood of volatility, but as Bitcoin grows, this indicator also grows, it’s just a matter of scale.
New ATH
#Bitcoin
futures open interest.
Two things:
1) High leverage means a higher likelihood of volatility.
2) As Bitcoin grows, this indicator also grows, it’s just a matter of scale.
If you’re a hodler, be patient; don’t be afraid
There will be pullbacks
pic.twitter.com/7MoS6edDRV
–_Check⚡☢️️ (@_Check_)
October 17, 2024
In addition to today’s Bitcoin options, there are 137,000 Ethereum options set to expire with a put/call ratio of 0.62 and a nominal value of $367 million. This brings the total value of this week’s cryptocurrency options expiration on Friday slightly above $1.6 billion.
Cryptocurrency market outlook
Despite Bitcoin reaching a ten-week high, the total market value declined slightly to $2.42 trillion today.
The asset surged to $68,159 during Friday morning’s Asian trading session, continuing its momentum
gained
since the same period last week, with a rise of nearly 12%.
BTC has not reached this level since late July, leading analysts to speculate that it is poised to break through after reaching higher highs.
However, before BTC breaks its historical high in mid-March, it remains in a range-bound state and could experience a weekend retracement as profits decrease. Analysts believe that the accumulation phase may be coming to an end.
I think any price target for BTC in this cycle should now be adjusted higher, given the 6-month consolidation following the previous ATH. A significant supply has changed hands, potentially now in the hands of those aiming for higher targets.
–Will (@WCelementIII)
October 18, 2024
Altcoins decline today
FUD damaged
Ethereum was rejected again at $2,650 and has fallen back to the $2,600 level at the time of writing.
Most altcoins are in a loss state, except Dogecoin (DOGE), which rose 6% to $0.132 during the day.