Bitcoin and Ethereum Options Expiry: What You Need to Know
As a crypto enthusiast, you may be interested to know that there are approximately 18,000 Bitcoin options set to expire on April 5, with a combined value of $1.23 billion. This expiration event is significantly smaller than last weekโs $15 billion end-of-quarter crypto options expiry. Additionally, the crypto markets have experienced a downturn this week, with the total capitalization dropping by 5% as $150 billion exited the space.
Bitcoin Options Expiry Insights
- Todayโs batch of expiring Bitcoin options contracts has a put/call ratio of 0.64, indicating a higher number of call (long) contracts expiring compared to put (short) contracts.
- The maximum pain point for the current batch of options is $68,000, slightly higher than the current spot prices.
- There is approximately $900 million in open interest at the $70,000 strike price, suggesting bullish sentiment towards a return to those levels. Additionally, there is $840 million in open interest at a strike price of $100,000.
- The market appears to be in retreat, with selling calls being the dominant trade of the week according to derivatives tooling provider Greeks Live.
The volatile week has favored short-sellers, with implied volatility across major terms witnessing a significant decline. Despite Bitcoin garnering sentiment support post-halving, other coins have entered a short-term bear market, and ETF inflows have slowed down.
Altcoins and Ethereum Options Expiry
Aside from Bitcoin options, around 270,000 Ethereum contracts are also set to expire. These contracts have a put/call ratio of 0.38, a maximum pain point of $3,400, and a notional value of $890 million.
Cryptocurrency Market Analysis
The cryptocurrency markets experienced an uptick yesterday evening, with the total market cap briefly touching $2.67 trillion before retracing the gains. Overall, the markets have been consolidating around this level since early March.
- Bitcoin saw a surge to $69,000 following a mid-week dip but retraced back to $66,500 during the Friday morning Asian session. The asset remains around 10% down from its all-time high.
- Ethereum, on the other hand, witnessed a slight decline, with prices dropping by 1% to $3,275.
- Altcoins displayed mixed performance, with notable gains for Toncoin (TON), Bitcoin Cash (BCH), and Ethereum Classic (ETC), while Solana (SOL), Internet Computer (ICP), and Aptos (APT) recorded significant losses.
Hot Take: Whatโs Next for the Crypto Market?
As an investor in the crypto space, it is crucial to stay informed about the latest market trends and events. The recent options expiry for Bitcoin and Ethereum, coupled with the overall market movements, provide valuable insights into the current sentiment and potential future price action within the crypto space. Keep a close eye on these developments to make informed decisions regarding your crypto investments.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.