Today, the Bitcoin 
$90,533 and Ethereum 
$3,106 markets are centered on the expiration of high-volume options contracts. Glassnode, a blockchain data platform, has issued a warning that if Bitcoin falls below the $115,200 mark, its price might drop to $105,500. While the crypto market has gained strength with the U.S. Securities and Exchange Commission’s approval of ETF listing standards, the expiration of options contracts could be crucial in price movements.
Bitcoin’s Focus on the $114,000 Level
On the Deribit exchange, 30,000 Bitcoin options contracts are set to expire today at 11:00 AM Turkish Standard Time. These contracts, with a total value of $3.52 billion, constitute the year’s largest closing volume. The put-call ratio is 1.23, suggesting a bearish outlook among investors. In the past 24 hours, call contracts increased to 22,300, while put contracts remained at 17,250, indicating varied price directions as expiry approaches.
The max pain level for Bitcoin is set at $114,000, representing the price where most options close unfavorably for investors. With put contracts largely between $100,000 and $108,000, the likelihood of downward price movement increases. According to Glassnode, the $115,200 level is deemed a critical threshold, with a descent below this point indicating a risk of retreating to $105,500.
Ethereum Copes with $4,500 Pressure
Ethereum is also facing a significant options expiration. On Deribit, 177,000 Ethereum options contracts are due to expire today, with a total volume of $800 million. The put-call ratio hovers around 1. In the last 24 hours, the count of call contracts reached 66,142, while put contracts stood at 62,281, reflecting short-term price direction searches.
For Ethereum, the max pain point is determined to be $4,500. Although the current price is $4,539, the concentration of contracts at $4,500 exerts pressure on this level. With $22 million in call contracts versus $17 million in put contracts, there’s an increased likelihood of price adjusting towards the $4,500 range by the close. The contract density suggests ETH’s price might continue moving within a narrow band.
