Ethereum bulls control 100% of this week's $470M ETH options expiry
May 3, 2021. Summarized by summa-bot.
Compression ratio: 32.7%. 1 min read.
Ethereum's spectacular rise to $3,300 has rendered all of the bearish put options worthless ahead of this Friday's $470 million expiry.
On May 7, a total of $470 million in Ethereum options are set to expire, and slaughter is really the only word that describes what is about to happen to bearish Ether traders.
Currently, almost every single one of the 75,909 put (sell) option contracts will become worthless if Ether manages to remain above $3,100 until Friday 8:00 AM UTC.
Regarding Friday's options expiry, the neutral-to-bearish puts currently have a $250 million open interest but tend to become worthless as the settlement day approaches.
While the apparent put-to-call ratio favors the more bearish Ether put options by 13%, when analyzing the target price (strike) for those derivatives, the activity above $3,100 is nonexistent.
Currently, 13. 5% of those neutral-to-bullish options contracts have $3,200 and higher strikes.
Moreover, the spectacular growth of decentralized applications and daily Ethereum network transfers and transactions should fuel Ether bulls to aim even higher for the end-of-month expiry.