The $10 billion crypto option expires today. How will the markets react to this development?

On January 30, the expiration date of approximately 80,000 Bitcoin option contracts with a total nominal value of 8.36 billion dollars will occur. Together with Ethereum options, the total expiration value reaches 10.3 billion dollars. The put/call ratio of Bitcoin options is 0.68, indicating that investors maintain their bullish expectations. Although Bitcoin reached $106,000, it has declined to $104,300, while Ethereum remains at the level of $3,200. The markets are expecting a more positive trend in February.
This week, an important expiry is taking place in the crypto markets. Approximately 80,000 Bitcoin options contracts will expire on Friday, January 30th. The total nominal value of these contracts is estimated to be approximately $8.36 billion.
Although it is a large volume expiration due to coinciding with the monthly closing period, it is rarely seen that such option transactions directly affect the spot markets. Weekly price movements are also largely horizontal.
BITCOIN OPTIONS AND MARKET EXPECTATIONS
The put/call ratio of expiring Bitcoin options this week is 0.68, meaning there are more (call) contracts for purchase. When open positions (OI) are examined, it is seen that there is a 2.4 billion dollar position at the $120,000 price level and a 1.65 billion dollar position at the $110,000 level. This indicates that derivative investors are expecting Bitcoin prices to rise from current levels.