There are around 13,500 Bitcoin options contracts expiring on Friday, September 6, worth around $776 million.

Today’s options expiration is relatively small compared to last week’s month-end expiration, so the impact on spot markets is likely to be minimal.

Bitcoin Options Expiry

The put/call ratio for this week’s Bitcoin options contracts is 0.82, meaning slightly more long (call) contracts are expiring than short (put) contracts.

Open interest, or the number of contracts that have not yet expired, remains high with strike prices at $70,000 and $75,000, according to Deribit.

In addition, there are about $720 million in open options at the $90,000 strike price and another $913 million at the $100,000 strike price, suggesting that bulls are still holding on in anticipation of a rally.

On September 5, some analysts noted that market confidence continues to decline. “From an options data perspective, the underlying biases are all turning bearish, and implied volatility is slightly higher. Overall, the options market’s expectations for the future are skewed toward the near-term negative.”

In addition to this week’s Bitcoin options, there are about 126,000 Ethereum options expiring with a notional value of $304 million. These contracts have a put/call ratio of 0.63.

Overall, options activity is waning as market sentiment continues to decline. The Bitcoin Fear and Greed Index has now slipped back to “extreme fear,” with the asset falling below $56,000 again.

Crypto Market Outlook

Another day in the red: The total market cap has fallen another 3% on the day to $2.08 trillion. It is now back to its lowest level since the Black Monday crash on August 5.

Bitcoin fell to an intraday low of $55,800 during early Asian trading on Friday. However, it has since recovered to $56,300 at the time of writing.