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Crypto markets, especially Bitcoin and Ethereum options, face an exciting and uncertain period as expiration approaches. Today, we are again at an expiration event, with billions of dollars in crypto options expiring, which requires some attention from investors in the crypto market.
Final Day of Bitcoin Options Expiry
Bitcoin options are set to expire today, with about 23,000 options expected to end. These options have a total nominal value of approximately $1.4 billion. The crypto market has experienced significant declines over the past week, but there has been some recovery in recent days. Bitcoin trading below $60,000 and the market sentiment being short-term bearish is causing concern among investors.
Looking at the data related to the expiration of Bitcoin options, the put/call ratio is 0.49. This indicates that the number of call or long-focused contracts expiring is twice that of put or short-focused contracts. The maximum pain point is set at $61,000, representing the price at which the most loss occurs when the contract expires.
Did Bitcoin ETFs in Hong Kong Damage the Market?
Greeks Live, a provider of crypto derivatives solutions, assessed the launch of spot crypto ETFs in Hong Kong and noted that the expected volume increase from U.S. spot Bitcoin ETFs did not materialize. This has weakened market confidence.
On the other hand, Ethereum options are also expiring today. Approximately 330,000 Ethereum options, with a nominal value of $1 billion, are set to expire. The put/call ratio for ETH options is 0.36, and the maximum pain point is set at $3,000.
The crypto market experienced a slight recovery today, with the total market value increasing by 4% to $2.35 trillion. The flagship of crypto currencies, Bitcoin, is trading at $59,600, while Ethereum has managed to rise above $3,000. However, this recovery is insufficient to compensate for the large-scale value losses experienced since March. In light of all this data, the uncertainty and excitement created by expiry events in the crypto market continue.
