As a seasoned crypto investor with a few years under my belt, I’m always keeping an eye on significant events that could impact the market. The upcoming Bitcoin and Ethereum options expiry on June 28 is one such event that has me on the edge of my seat. With $6.6 billion in Bitcoin options and $3.5 billion in Ethereum options set to expire, I’m eagerly monitoring the price movements of these two assets.
As a researcher studying the cryptocurrency market, I’ve noticed that this week has seen significant volatility in Bitcoin and Ethereum prices. With important options expiries coming up on June 28, traders are closely monitoring these assets. In total, $6.6 billion worth of Bitcoin options and $3.5 billion worth of Ethereum options will expire during this period. The price movements of both Bitcoin and Ethereum have recently approached their max pain points. Consequently, it will be intriguing to observe the strategies employed by traders as we approach Friday’s expiry date.
A Look Into the Bitcoin and Ethereum Options Data
On June 28th, approximately $6.6 billion worth of Bitcoin options will expire. The put-call ratio for these options stands at 0.47, which is considered bullish based on market data from Deribit. At present, the total Open Interest amounts to $108,239.60, with a breakdown of 71,651.40 call options and 36,588.20 put options. The Bitcoin option with the highest potential impact on the market price is valued at $57,000, referred to as the max pain point. This week, Bitcoin experienced a correction down to $58,000 before rebounding and hovering above $61,000, drawing closer to the max pain point.
As a crypto investor, I’m keeping an eye on the upcoming expiration of Ethereum options worth approximately $3.54 billion this coming Friday, June 28. The put-call ratio for these ETH options stands at 0.58, indicating a slightly bearish sentiment among option traders. The total open interest for these options currently amounts to 1,049,020.00, with 662,453.00 call options and an equal number of put options.
The price at which the majority of investment options become unprofitable is referred to as the maximum pain point. As the expiration date nears, market trends tend to converge towards these levels. Consequently, investors and traders are closely monitoring the prices of Bitcoin and Ethereum in relation to their respective maximum pain thresholds.
Key BTC and ETH Developments
After a 15% decrease from its peak, Bitcoin appears to be forming a base based on recent market indicators. The reduction in leverage is evident as open interest wanes and funding rates plummet before the upcoming Bitcoin options expiry, according to CryptoQuant. The focus now shifts to significant US economic data releases and broader economic trends.
Signs of a Local Bottom?
As an analyst, I’ve observed that after experiencing a 15% correction, Bitcoin exhibits indications of reaching a local bottom. The open interest has decreased, and funding rates hover close to zero, reflecting a more balanced market. Upcoming crucial U.S. economic data is set to be released; could this mark a shift in the trend?
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— CryptoQuant.com (@cryptoquant_com) June 26, 2024
In contrast, investors in Ethereum are eagerly anticipating the upcoming launch of spot Ethereum ETFs, scheduled for next week. Companies such as VanEck are preparing for this event while announcing no trading fees until the end of 2025.
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2024-06-26 15:01