On May 7, a total of $470 million in Ether ( ETH ) options will expire, and "slaughter" is really the only word to describe what is about to happen to bearish ETH traders.
Currently, almost every one of the 75,909 put (put) option contracts will become worthless if Ether manages to stay above $3100 by Friday at 8:00 UTC.
Ether's growth has been driven by the rise of decentralized finance (DeFi), which recently surpassed $60 billion in total blockchain value, according to DeBank. Yat Siu , CEO and co-founder of Animoca Brands, described the scene perfectly.
While this may have sounded futuristic a year ago, the Ethereum network has opened the doors to these markets in a very short time.
As for the May 7 option expiration, the neutral to bearish put positions currently have $250 million in open interest, but typically become worthless as the settlement date approaches.
