Bitcoin’s $4.3 billion options expiry favors neutral-to-bullish bets, with a $175 million edge if prices stay above $113,000. Macro uncertainty could impact Bitcoin’s short-term trajectory. BTC surged past $114,000 after Oracle’s positive earnings report. Deribit leads in options market share, potentially signaling a push beyond $120,000.

Put options dominate this week’s expiry, with $2.35 billion in open interest compared to $1.93 billion in call contracts. Deribit holds 75% of the market share, followed by OKX at 13%. Call options have gained an edge with Bitcoin’s price rise, potentially fueling bullish momentum.

Less than $125 million in put open interest is set at $114,000 or higher on Deribit, while over $300 million in call contracts would be activated if Bitcoin stays above $113,000. This $175 million advantage for call buyers could extend Bitcoin’s bullish trend.

Concerns about US job market and AI sustainability could limit Bitcoin’s upside potential. Traders’ optimism was affected by negative US employment data. Bank of America analyst warned of rising unemployment’s impact on credit quality. Recession fears could reinforce Bitcoin bulls’ confidence in reaching new highs.

If Bitcoin holds $112,000 into Friday’s expiry, call options open interest will exceed puts by $50 million, supporting neutral-to-bullish strategies. If price falls below $111,000, puts gain a $100 million advantage. Bitcoin’s direction will be decided by macro uncertainty at the final moment.

Read more at Cointelegraph: Bitcoin Monthly Options Expiry Could Be First Step To $120K