Is bitcoin at risk of further losses as a result of the expiration of BTC options?

BTC options that expire next week may be worthless, as data shows that only a small percentage of options - about 7% - are actually used.According to the data, the last expiration date of BTC options was on February 26. Thus, even if the price of bitcoin rises by 20% or so, as it did after the all-time highs of $ 58,000 on February 2, 2019, these options will not be used. instead, the option expires on February 28, 2021. This means that 7% of the total open interest of $ 210 million is currently simply not being used.The ETF industry is not ready for another influx of options, especially as some states still have a vote on whether or not to legalize recreational marijuana use. Even worse, there is a significant difference between retail investors and professional traders who are likely to be actively buying these options. Should BTC be considered a security?While this data may seem alarming, consider the difference between the options market and the futures market. A bitcoin futures contract trades on a different exchange, and therefore it is more difficult to gauge the situation. In addition, it is more difficult to determine if call (buy) options are actually being used (call options). The ETF industry is constantly growing, and more and more institutions are entering the market. This has a positive impact on the BTC price, as more institutional investors seek to protect their assets. gains.Whales most often do not call when bitcoin price approaches important levels, indicating that there is a profit to be made at any price. The same thing happened on March 12, when the price of bitcoin exceeded $ 58,000, causing the whales to withdraw bitcoin. The chart above shows how, despite the bullish scenario, the BTC options market has actually contracted over the past 48 hours. Despite this contraction, the options market has increased since the previous peak of $ 19,000.It is important to keep in mind that not all options are created equal. A 25% call option in February 2021 will have a positive impact on the price of BTC, while a 40% put option will be neutral or negative. Therefore, it is important to study more options to be sure that the market is actually trading. open call options, or put options.The data also shows that not all options are equal. A put/call ratio of 0.70 indicates that the open interest of put options is lagged by 20% and acts as a proxy for call options. On the contrary, a 1.20 ratio means that call options are more often used. On the chart above, the gap between the 0.70 and 1.20 values is the same as it was on March 12, when BTC dropped to $ 43,000.Meanwhile, even if the bitcoin price suddenly rose to $