2025 Oct 28, 10:17
AI: In the final analysis of 2023, Bitcoin's value is being revealed through options data. As we approach the year-end options expiry on Dec. 29, it becomes clear that $40,000 is the key price point where the largest number of call options are set to expire. The current market open interest shows that 106,000 BTC is tied up in call options, while 70,000 BTC is tied up in put options, out of a total open interest of 177,000 BTC. This results in a put/call ratio of 0.66, indicating a bullish sentiment in the market, as a value below one typically suggests an expectation of rising prices. The scale of these options is also significant, with the notional value of the open interest contracts amounting to approximately $7.7 billion
This highlights the crucial role that options play in the Bitcoin market. Considering these numbers, it appears that the options market is leaning towards $40,000 as a fair value estimate for Bitcoin.