The recent Bitcoin options expiry event included around 20,000 contracts with a notional value of $1.35 billion. Although the impact of today’s expiry is expected to be minimal due to its smaller size compared to previous weeks, traders are closely watching upcoming events. On June 28, a massive Bitcoin options expiry with $6.7 billion in notional value derivatives is scheduled, which could have a more profound effect on market dynamics.
The current put/call ratio for BTC contracts is 0.49, indicating that twice as many long (call) contracts are expiring as shorts (puts). The max pain point for this expiry is $68,500, slightly above the current spot prices, where most losses are anticipated. Bulls continue to dominate BTC derivatives, with nearly $1 billion in open interest at the $100,000 strike price. Strike prices at $75,000 and $80,000 have also attracted significant open interest, totaling $723 million and $807 million, respectively.
While Bitcoin and Ethereum short-term implied volatility has dropped below 50% and 60%, respectively, recent developments, such as potential Ethereum ETF news, could introduce new levels of volatility and sentiment in the market. Despite major macroeconomic data releases in the United States, the crypto market has shown little movement, with mainstream coins experiencing declines and altcoins facing additional pressure.
Total market capitalization has remained stable at $2.57 trillion over the past 24 hours, but the overall market has declined by 7.5% in the last ten days. Bitcoin’s price has dipped from $69,500 to around $67,000, with analysts attributing the decrease to Bitcoin miner profit-taking. Ethereum has experienced a sharper decline, dropping 7.7% to a four-week low of $3,434 before recovering slightly to $3,515.
As the cryptocurrency market navigates through upcoming Bitcoin options expiry events and potential market-moving news, traders must remain vigilant and adapt their strategies accordingly. The influence of these expiry events on market sentiment, volatility, and asset prices underscores the importance of closely monitoring key indicators and developments in the crypto space. As the market continues to evolve, traders and investors must stay informed and prepared to navigate through changing market conditions.
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