Grayscale Bitcoin Trust E... (GBTC)
AMEX: GBTC
· Real-Time Price · USD
88.17
1.15 (1.32%)
At close: Sep 03, 2025, 3:59 PM
87.70
-0.53%
After-hours: Sep 03, 2025, 07:58 PM EDT
GBTC Delta Exposure By Expiry
The total Delta Exposure (DEX) for GBTC across all expirations shows 1,263,594.23 net shares that market makers must hedge, with 1,557,858.52 from calls and 294,264.29 from puts. The put-call delta ratio of 0.19 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 771,647.75 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 5, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
GBTC DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 5, 25 | 86,673.45 | -14,970.11 | 71,703.34 | 0.17 |
| Sep 12, 25 | 6,091.87 | -12,045.07 | -5,953.2 | 1.98 |
| Sep 19, 25 | 145,601.76 | -57,847.34 | 87,754.42 | 0.40 |
| Sep 26, 25 | 5,283.74 | -7,159.78 | -1,876.04 | 1.36 |
| Oct 3, 25 | 2,763.45 | -1,259.86 | 1,503.59 | 0.46 |
| Oct 10, 25 | 628.04 | -690.11 | -62.07 | 1.10 |
| Oct 17, 25 | 15,223.68 | -5,780.64 | 9,443.04 | 0.38 |
| Dec 19, 25 | 860,919.66 | -89,271.91 | 771,647.75 | 0.10 |
| Jan 16, 26 | 235,970.38 | -83,451.33 | 152,519.05 | 0.35 |
| Mar 20, 26 | 19,230.75 | -6,704.88 | 12,525.87 | 0.35 |
| Jan 15, 27 | 179,471.74 | -15,083.26 | 164,388.48 | 0.08 |