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$1.85 billion Options for Bitcoin and Ethereum Expire

Today, nearly $1.85 billion in Bitcoin (BTC) and Ethereum (ETH) options will expire. This event has the market bracing for potential volatility and price shifts. 

$1.85 billion Bitcoin and Ethereum options expiration
Source: Coinbackyard

Bitcoin Options Set to Expire 

Data from Deribit shows that 23,832 Bitcoin contracts, valued at around $1.37 billion, are due to expire. This number surpasses last week’s total of 18,339 contracts. The put-to-call ratio stands at 1.09, with a maximum pain point of $58,500. The maximum pain point indicates the price level causing the most financial strain on option holders. 

Ethereum Options Expiration 

Additionally, 156,792 Ethereum contracts, worth over $488.05 million, will also expire. Ethereum’s put-to-call ratio is 0.38, with a maximum pain point of $3,100. 

Impact of Macroeconomic Factors 

This week’s market has felt the influence of broader economic factors. The statistics for the US Consumer Price Index (CPI) was issued on July 11 by the Bureau of Labor Statistics (BLS). The data showed a 3% year-over-year inflation rate for June, lower than expected. 

Market Reactions 

Following the economic updates, Bitcoin briefly reached $59,000, while Ethereum traded at $3,105. These price movements occurred despite significant Bitcoin sell-offs by the German and US governments. Adam, an analyst at Greeks.live, commented on the current sentiment in the crypto options market. 

Temporary Effects of Expirations 

Historically, price movements from options expiration are often temporary. Markets usually stabilize soon after. However, traders should analyze technical indicators and market sentiment carefully to navigate this volatile period. 

July 12, 2024 at 10:10 am

Updated July 12, 2024 at 10:10 am

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