The $6 billion bitcoin option expired earlier today. This was the largest option expiration in history. YouTube reported on the 26th (local time).
Bitcoin recovered around $54,000 after two days of selling. Trader Scott Melker noted this resilience in a recent tweet.
“With the expiration of the $6 billion option in the shocking event, Bitcoin didn’t drop to $44,000 in the painful scenario. Because this story is stupid and just because it happened once doesn’t mean it will happen again.”
Options traders are still bullish ahead of April, a month that has historically been very positive for Bitcoin.
Bitcoin has soared 80% since its maturity of $4 billion at the end of January.
($6 billion worth of Bitcoin options has expired earlier today, which was the largest expiry in history.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.