Here's why bulls aren't bothered by Friday's $525M Bitcoin options expiry

On Nov. 13, a total of $525 million in Bitcoin options open interest is set to expire.

On Nov. 5, put options open interest was 30% larger than call ones.

An $18,000 call option holder has not much gain in pushing up the Bitcoin price to $16,500 with less than 32 hours till expiry.

These options are already deemed worthless by the market.

Thus, by excluding call options above $16,700 and put options below $14,400, traders can have attain a more realistic view of the current market conditions.

Deribit exchange holds 5,915 BTC call options ranging from $14,000 to $15,750.

The put options ranging from $15,250 to $16,500 amount to 2,130 BTC at Deribit, followed by 860 BTC at Bit.com, plus another 100 BTC at OKEx.

Thus, the immediate sell-side pressure amounts to $48 million open interest from put options.

The reason behind this difference is that most put options have been depreciated and have no market value.

Regardless of the market having enough strength to break the $16,000 resistance, those short-term options are currently supporting $15,500 and higher prices.