A major event in the cryptocurrency market occurred on October 3, 2023, as $43 billion worth of Bitcoin, Ethereum, and XRP options expired. This significant expiry has triggered a notable shift in market sentiment and price expectations among traders and analysts, and the source reports that many are now reassessing their strategies in light of these developments.
Recent Developments in the Derivatives Market
According to analysts from 10x Research, the recent developments in the derivatives market are altering the risk-reward dynamics for investors, leading to an upward pressure on prices.
Impact of Options Expiry on Deribit Exchange
The expiry of options on the Deribit exchange has not only increased open interest but also set the stage for a potential short squeeze, particularly for Bitcoin and Ethereum.
Market Anticipation for Price Increases
As a result, market participants are anticipating a rise in the prices of these leading cryptocurrencies in the near future.
