Here is what is documented: on Friday, October 30, 322,586 Ethereum options expire on the derivatives exchange Deribit. That is 21.1 percent of all open ETH contracts held there and, at a price of $2,407.76 on Friday evening, roughly $777 million. The figures come from our own analysis of public Deribit data from October 23.
Our assessment follows further below: the mountain of call options at $2,600 is a bet on a recovery that the spot market is not delivering so far. Where the price can point over a horizon of months is set out in our Ethereum price prediction.
322,586 ETH on October 30: the largest expiry of the month
An option is a contract that gives its buyer the right to buy or sell ETH at a fixed price. When the contract runs out, it is settled. October 30 is the last Friday of the month and therefore the monthly expiry, where the large positions gather.
The comparison shows how big the gap to the other October dates is: October 24 accounts for 35,377 ETH, October 25 for 14,079, October 26 for 24,197 and October 27 for 3,423. The monthly expiry alone carries more than four times those four days combined. Only the...
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