As an experienced financial analyst, I closely monitor market trends and derivatives expiries, especially in the volatile world of cryptocurrencies. Today’s Bitcoin options expiry event with a put/call ratio of 0.49 and max pain point at $68,500 is relatively smaller compared to the upcoming one on June 28, which will have a notional value of $6.7 billion.
As a researcher studying the Bitcoin options market, I’ve discovered that approximately 20,000 options with a total notional value of about $1.35 billion are set to expire today. Compared to recent weeks, however, this expiry event is relatively small, implying that the market impact should be minimal.
Despite this, a significant Bitcoin options expiration is approaching on June 28th, involving over $6.7 billion worth of derivative contracts.
Bitcoin Options Expiry
As an analyst, I’ve observed that the put-to-call ratio for today’s Bitcoin contracts stands at 0.49. This signifies that there are almost twice as many call contracts (long positions) set to expire compared to put contracts (short positions).
At a price of $68,500, which is slightly above the current market value, represents the point of maximum potential loss for many market participants.
At Deribit, the bullish bets on Bitcoin derivatives are still strongly represented, with approximately $1 billion in open interest for contracts at the $100,000 strike price. Additionally, significant open interest of $723 million and $807 million has accumulated for contracts with strike prices at $75,000 and $80,000 respectively.
As a researcher studying the crypto market, I’ve noticed an interesting development during last week’s major macroeconomic data releases in the US. Despite the economic uncertainty, the overall crypto market showed underperformance, with mainstream coins experiencing a significant decline. The situation was even more pronounced for altcoins, which saw even greater losses.
“There are fewer hot spots in the market recently, and the market is relatively quiet.”
As an analyst, I’d interpret the data as follows: On June 14th, 20,000 Bitcoin (BTC) options reached their expiration date. Among those, 49 put options were held for every 100 call options, which translates to a put-call ratio of 0.49. The maximum pain point, or the price level that would result in the greatest loss for buyers of these options, was set at $68,500, and their combined notional value amounted to a substantial $1.35 billion.
— Greeks.live (@GreeksLive) June 14, 2024
As a researcher studying the cryptocurrency market, I’ve noticed that the short-term implied volatility for Bitcoin has dropped below 50%, while Ethereum‘s is currently under 60%. However, it’s important to keep in mind that upcoming Ethereum ETF news due later this month could significantly influence market sentiment and potentially increase volatility.
Today, an additional 200,000 Ethereum options concluded, featuring a put-call ratio of 0.36, a significant price level of approximately $3,600 as the pain point, and a substantial notional worth amounting to $710 million.
Crypto Market Outlook
The total market capitalization stayed around $2.57 trillion during the last 24 hours, showing only minimal fluctuations.
However, markets have been in retreat with a 7.5% decline over the past ten days.
In the early trading hours of Friday, Bitcoin’s price fluctuated near the $67,000 mark, having dropped from roughly $69,500 it held a few days prior. Analysts attributed this slide to Bitcoin miners cashing out their profits.
Chart guru Peter Brandt highlighted levels of support should markets fall further.
As a researcher studying the Bitcoin $BTC chart, I’ve noticed some intriguing patterns. While straightforward interpretations can be effective, charts often exhibit dynamic behavior. However, based on the current trend, here’s my take:
— Peter Brandt (@PeterLBrandt) June 13, 2024
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum experienced a significant decline this week, dropping by approximately 7.7% to reach a four-week low of $3,434 on June 13. However, it has since regained some ground and currently sits at around $3,515 as of the present moment.
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2024-06-14 15:29