Bitcoin price capitulation below $26K increases as Friday’s BTC options expiry looms

The subsequent 3-day rally towards $27,500 was short-lived, favoring the thesis of bearish momentum.Bitcoin options information shows bulls were excessively optimisticThe open interest for the May 19 alternatives expiration is $735 million, however the real figure will be lower since bulls concentrated their wagers above $28,000. These traders got exceedingly optimistic after Bitcoins price acquired 7% in between May 12 and May 15, evaluating the $27,500 resistance.Bitcoin options aggregate open interest for May 19. The net outcome favors the call (bull) instruments by $140 million.This unrefined estimate considers the put choices used in bearish bets and the call options exclusively in neutral-to-bullish trades.
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The subsequent 3-day rally towards $27,500 was brief, favoring the thesis of bearish momentum.Bitcoin options information reveals bulls were exceedingly optimisticThe open interest for the May 19 choices expiry is $735 million, however the actual figure will be lower since bulls concentrated their wagers above $28,000. These traders got excessively positive after Bitcoins cost acquired 7% in between May 12 and May 15, testing the $27,500 resistance.Bitcoin alternatives aggregate open interest for May 19. The number of alternatives contracts available on May 19 for call (bull) and put (bear) instruments varies depending on the expiry price.The imbalance favoring each side constitutes the theoretical earnings: Between $25,000 and $26,000: 100 calls vs. 7,800 puts. The net result favors the call (bull) instruments by $140 million.This crude quote thinks about the put options used in bearish bets and the call alternatives exclusively in neutral-to-bullish trades.