Recently, Greeks.live, a well-known crypto analysis firm, shared information on Twitter about upcoming option expirations for Bitcoin (BTC) and Ethereum (ETH). This data indicated that approximately $2.33 billion worth of options for these two cryptocurrencies are approaching their end dates, sparking interest among traders and investors.
Based on Greeks.live’s report, approximately 21,564 Bitcoin options are approaching their expiration dates. The figures reveal a Put Call Ratio of 0.64, suggesting more put options than call options have been purchased. This implies that investors hold a bearish outlook, with the Maxpain point sitting at $65,000. The total value of these expiring Bitcoin options amounts to an impressive $1.4 billion.
In the Ethereum market, approximately 298,415 ETH option contracts are set to expire. The statistics show a Put-Call Ratio of 0.42, meaning put options are more prevalent than call options. This suggests a pessimistic view on Ethereum’s price trend. The Maxpain price for these expiring ETH options is estimated to be $3,125, and their total worth amounts to around $930 million.
On April 19th, approximately 21,564 Bitcoin options will expire, featuring a put-call ratio of 0.64, a max pain point at around $65,000, and a total value of about $1.4 billion. Similarly, 298,415 Ether options are set to expire on the same date, carrying a put-call ratio of 0.42, a max pain point near $3,125, and a notional value close to $930 million.
— Greeks.live (@GreeksLive) April 19, 2024
Market performance and sentiment
Earlier this week, the crypto market went through a notable drop. The prices of Bitcoin and Ethereum decreased significantly, with Bitcoin approaching $60,000 and Ethereum nearing $3,000. This decline brought about substantial profits for those who had placed short positions, marking their most successful streak this year.
A significant factor in the recent market slump is the noticeable decrease in Implied Volatilities (IVs) for various assets. This reduction can mainly be explained by a large fall in the cost of call options. Previously, investors’ expectations of Bitcoin’s halving on Saturday had helped sustain prices. However, it appears that these anticipations no longer provide enough support for the market.
In simpler terms, the market mood seems more cautious lately, noticeable in the slowdown of investments into crypto ETFs. Even though there was a small uptick in cryptocurrency prices today, large investors’ moves suggest they are uncertain. Supporters of the bull market hope for stronger inflows after the recent halving event to stabilize the market.
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2024-04-19 16:16