Bitcoin options expiring today have a notional value of $1.35 billion, a relatively smaller event compared to previous weeks. The put/call ratio for today’s contracts stands at 0.49, indicating more long contracts expiring than short ones. The max pain point is $68,500, slightly above the current spot prices. Bulls are dominating BTC derivatives, with significant open interest at the $100,000 strike price, totaling almost $1 billion. Strike prices at $75,000 and $80,000 have also attracted substantial interest, with $723 million and $807 million respectively.
Ethereum Options Expiry Events
In addition to the Bitcoin options, 200,000 Ethereum options have also expired, with a put/call ratio of 0.36 and a notional value of $710 million. The max pain point for Ethereum options is $3,600. The total market capitalization has remained steady at $2.57 trillion over the past 24 hours. However, the markets have seen a decline of 7.5% over the past ten days. Bitcoin has experienced a drop from around $69,500 to approximately $67,000 in early trading on Friday, with analysts attributing the decline to Bitcoin miner profit-taking. Ethereum, on the other hand, has plummeted 7.7% this week to a four-week low of $3,434 before recovering slightly to $3,515.
Market Analysis and Outlook
Despite the significant options expiry events for Bitcoin and Ethereum, the market remains relatively quiet. Short-term implied volatility for Bitcoin and Ethereum has fallen below 50% and 60% respectively. The mainstream coins have experienced a downturn, with altcoins even faring worse. Greeks Live, a crypto derivatives tooling provider, noted the lack of hot spots in the market recently. However, there is anticipation regarding the impact of Ethereum ETF news later this month on market sentiment and volatility.
Chart guru Peter Brandt has highlighted support levels in the event of further market declines. The current market sentiment suggests a period of retreat, with both Bitcoin and Ethereum experiencing price drops. While the options expiry events have not caused significant market disruptions, traders and investors are closely monitoring the evolving situation. Overall, the cryptocurrency market is in a phase of consolidation, awaiting new catalysts to drive price movements.
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