Crypto markets, including popular options like Bitcoin and Ethereum, are entering a crucial and unpredictable period as expiration day approaches. Today marks another expiration event, with billions of dollars worth of crypto options expiring, demanding the attention of investors in the crypto market.
Final Day of Bitcoin Options Expiry
Today, Bitcoin options are set to expire, with an estimated 23,000 options coming to an end. These options have a combined nominal value of approximately $1.4 billion. While the crypto market has experienced significant declines in the past week, there has been some recovery in recent days. However, the fact that Bitcoin is trading below $60,000 and market sentiment is short-term bearish is causing concern among investors.
Analyzing the data related to the expiration of Bitcoin options, we find that the put/call ratio is 0.49. This means that the number of call or long-focused contracts expiring is twice as high as the number of put or short-focused contracts. The maximum pain point is set at $61,000, representing the price at which the most loss occurs when the contract expires.
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Did Bitcoin ETFs in Hong Kong Impact the Market?
Greeks Live, a provider of crypto derivatives solutions, has evaluated the launch of spot crypto ETFs in Hong Kong and observed that the anticipated volume increase from U.S. spot Bitcoin ETFs did not materialize. This has consequently weakened market confidence.
Meanwhile, Ethereum options are also expiring today. Around 330,000 Ethereum options, with a nominal value of $1 billion, are set to expire. The put/call ratio for ETH options stands at 0.36, and the maximum pain point is set at $3,000.
The crypto market saw a slight recovery today, with the total market value increasing by 4% to reach $2.35 trillion. Bitcoin, the flagship cryptocurrency, is currently trading at $59,600, while Ethereum has managed to surpass the $3,000 mark. However, this recovery falls short of compensating for the significant value losses experienced since March. Given all this data, the excitement and uncertainty surrounding expiration events in the crypto market persist.
Disclaimer:
The information provided in this article should not be regarded as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and they should undertake their own research.
