Gate News reports that on March 19, just before the expiration of Bitcoin quarterly options on a certain CEX, the $20,000 put options became the third most popular strike price, with a notional value of approximately $596 million, reflecting traders’ positioning for extreme market scenarios amid geopolitical tensions in the Middle East.
In terms of open interest distribution, the three main strike prices are: $125,000 call options ($740 million), $75,000 call options ($687 million), and $20,000 put options ($596 million), showing a broad expectation for both upward and downward movements. The total notional value of Bitcoin options expiring on this platform is $13.5 billion, with a total open interest of 195,719 BTC—120,236 BTC in call options and 75,482 BTC in put options.
Currently, with BTC trading below $70,000, the $20,000 strike price is a deep out-of-the-money option, only profitable if the market crashes more than 70% from current levels. A large volume of such activity likely indicates traders selling these deep out-of-the-money puts to collect premiums, reflecting a low-probability expectation of a drop to $20,000 rather than a hedge against a crash—more of a yield enhancement or volatility strategy rather than a direct bearish bet.
Overall market sentiment remains extremely fearful, yet the put-to-call ratio in the options market is 0.63, meaning there are more call options than puts, indicating a slight bullish bias. The key support level appears around $75,000, which could act as a magnet for Bitcoin price approaching expiration.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The New York Times reignites the “Satoshi identity mystery”; after Adam Back was targeted, he quickly clarified
Author: Nancy, PANews
Satoshi Nakamoto’s true identity remains the mystery that has continued in the crypto world for 17 years. Speculation about this pseudonym has never stopped—from cryptographers to corporate founders, various candidates have been brought up in turn, but there has always been a lack of evidence strong enough to settle the matter once and for all.
Recently, The New York Times published a long-form investigation of more than 10,000 words. Based on multiple comparisons drawn from language style, technical pathways, and historical context, it ranked Blockstream CEO Adam Back as the strongest candidate for Satoshi Nakamoto. However, this claim was quickly and clearly denied by Back himself, and the relevant arguments were widely questioned across the industry as being hard to support.
The dispute over Satoshi Nakamoto’s identity reignites as the long-form investigation targets Adam Back
In this investigation, New York Times reporter John Carreyrou spent more than a year thoroughly sifting through decades of archives, as well as the cypherpunk email list to
区块客23m ago
Exodus, the Nasdaq-listed Bitcoin treasury company, sues the W3C to demand enforcement of the acquisition agreement
U.S.-listed Bitcoin custody company Exodus Movement filed a lawsuit in Delaware state court on April 13, seeking W3C Corp and its CEO to carry out the 2025 share acquisition agreement and to speed up the completion of the transaction. Exodus has received approval from the UK’s financial regulator and plans to drive the acquisition forward through litigation and the enforcement of security interests.
GateNews25m ago
Bitcoin retreats to $71k, spot ETF net inflows of nearly $1 billion last week
Bitcoin and Ethereum prices were holding steady around April 13, and the overall crypto market weakened. Oil prices rebounded, influenced by the situation in the Middle East. Bitcoin ETF funds worth nearly $1 billion flowed in, but addresses still in unrealized losses remain in the majority, and open interest in futures contracts fell significantly.
GateNews27m ago
Music Star G. Love Loses 5.9 Bitcoin in Shocking App Store Scam
_Musician G. Love loses 5.9 BTC in fake Ledger app scam, raising serious concerns about crypto security and user awareness worldwide._
A major crypto scam has affected Garrett Dutton, widely known as G. Love. The American singer lost 5.9 Bitcoin valued at almost 420,000. The loss occurred when he t
LiveBTCNews29m ago
Bitcoin mining pool operator Foundry launches a Zcash mining pool, accounting for nearly one-third of new production output
Foundry launched a new mining pool for Zcash on April 13 to meet institutional demand for privacy coins. It has already attracted multiple miners, accounting for nearly one-third of the network’s newly added Zcash production. Zcash is based on zero-knowledge proof technology, which is even more favored by institutions, and its price has risen by more than 75% over the past 30 days.
GateNews42m ago
