While there is always a reason behind every single movement in the market, Bitcoin’s latest bearish trend in the last 24 hours appears to be a result of $1.8 billion Bitcoin options set to expire today. This large volume of Bitcoin set to be expired later today is projected to impact the asset’s price movement significantly. 

According to reporter Collin Wu, as of today, roughly $1.8 billion in Bitcoin options will be expired. This large volume of expired BTC could impact the price movement of Bitcoin significantly, for instance, the bearish trend BTC has shown over the past 24 hours. 

Furthermore, as the Open Interest (OI) is above the 300,000 BTC mark, the highest in history, there are possibilities of a certain plummet from BTC. Open interest is the number of contracts or commitments outstanding in options trading yet to be settled on an official exchange.

Over the past 24 hours, BTC’s price has fallen sharply below the $24,000 mark down by 2.2%. More than $10 billion has been subtracted from its market cap after a fall from $471 billion seen yesterday to $461 billion as of today.

(By Samuel Edyme)

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