💰💔 $2B Bitcoin Options: Love at First Loss? 💔💰

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In this most peculiar of Fridays, a quaint Valentine’s day, no less, the cryptic realm shall witness the expiry of some 21,300 Bitcoin contracts—a sumptuous feast for the vultures of value, worth a modest $2 billion. 🎩👻

Last week’s expiry, a mere trifle compared to this, barely caused a ripple in the spot markets, which have been as lively as a graveyard on a moonless night, despite the relentless flood of bullish tidings from the United States. 🇺🇸💀

This week’s batch of Bitcoin’s speculative offspring boasts a put/call ratio of 0.67, suggesting that optimists still outnumber the pessimists, though only just. The fabled ‘max pain point,’ where the most exquisite losses shall be savored, stands at the princely sum of $98,000. 🥀💸

And lo! The Deribit oracle reveals that the highest open interest—a veritable mountain of potential woe—rests at the $120,000 strike price, valued at an astonishing $1.8 billion. 🧙‍♂️🏰

Meanwhile, a cool $1.2 billion in OI lounges at the $110,000 strike price, as derivatives traders, ever the optimists, continue to bet on Bitcoin’s eventual ascension to the heavens. 🚀🤑

Earlier this week, the soothsayers at Greeks Live divined that the CPI data had, much to everyone’s feigned surprise, slightly surpassed expectations, prompting the crypto market to take a rather undignified tumble. 📉🤕

“Market sentiment,” they declared with a yawn, “has maintained a weak consolidation this week, with Implied Volatility slinking to its lowest level in nearly a year, undeterred by the relentless stream of positive news from the U.S. government’s ever-so-reliable lips.” 🙄📜

“Short-term IV,” they continued, “is as low as a snake’s belly, with current month expiry IV at a mere 46%, and the options market is bracing for a period of tranquility so profound it might just lull one to sleep.” The culprit? A “continued weakening of bullish forces in the near term,” they concluded with a shrug. 😴🐍

Feb. 14 Options Data21,000 BTC options expired with a Put Call Ratio of 0.67, a Maxpain point of $98,000 and a notional value of $2.08 billion.176,000 ETH options expired with Put Call Ratio of 0.64, Maxpain point of $2,725 and notional value of $470 million.Market sentiment…

— Greeks.live (@GreeksLive) February 14, 2025

In the shadow of Bitcoin’s grand expiry, some 176,000 Ethereum contracts also face their doom, with a notional value of $470 million, a put/call ratio of 0.64, and a max pain point of $2,765. Thus, Friday’s crypto options expiry becomes a veritable potluck of potential disaster, totaling around $2.5 billion. 🍽️💥

“Institutions,” pronounced the Greeks with a solemn nod, “generally concur that February is to be a junk time, a desert of market activity, and lo, the market is as barren as a winter’s day, devoid of hot spots and the sweet scent of money.” 🌵🔥

Total market capitalization has taken a gentle dip, akin to a tipsy gentleman at a ball, falling some 3% to $3.32 trillion. Yet, it dances within the lower bounds of a range-bound channel that formed in mid-November, like a moth to a flame. 🌹🔥

Bitcoin, the capricious heart of the crypto realm, fell to an intraday low of $95,426 before mustering the strength to reclaim $96,700 during the Friday morning Asian trading session. The asset remains in consolidation, with resistance as elusive as a ghost above the $98,000 mark. 👻🚧

Ethereum, ever the wallflower, continues its monotonous dance between $2,600 and $2,700, unlikely to break free until its larger sibling deigns to make a move. 🕺💃

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2025-02-14 09:27