Over $20 billion worth of "Bitcoin options" are expiring this Friday, involving as many as 141,271 contracts, of which over 81,000 are call positions, indicating high bullish sentiment in the market. The current put/call ratio is about 0.72, which shows that although there is still a need for buying and selling protection at this stage, it does not mean the market is completely bearish. On the contrary, many investors are profiting and accumulating $BTC inventory by "cash-secured put selling."

Supplement: Deribit platform data shows that the expiring contracts account for more than 40% of the total OI, with almost every contract representing 1 BTC.