Approximately 28,000 Bitcoin options contracts worth around $2 billion are expiring on November 1st. Compared to last week's expiration, this event is expected to have a smaller impact on spot markets. The put/call ratio for this week's Bitcoin options contracts is 0.92, indicating a more even distribution between long and short positions. The max pain point is $69,000, close to the current spot prices. Open interest for options contracts at the $80,000 strike price is $1.3 billion on the Deribit exchange. In addition, around 137,000 Ethereum options contracts with a notional value of $350 million are also set to expire. The total combined crypto options expiry notional value is estimated at $2.3 billion. Crypto market capitalization has dropped by $100 billion over the past 24 hours to $2.43 trillion, with Bitcoin briefly slipping below $69,000 and Ethereum retreating to $2,500. Altcoins have generally been sluggish and are mostly in the red.
Tether shifts focus to European, Middle Eastern and African markets in the face of US legal troubles