Bitcoin (BTC) and Ethereum (ETH) options worth approximately $5.65 billion are set to expire today. This expiration is closely watched by traders and investors, as it is expected to cause price fluctuations in the crypto market.
How Will the Launch of Spot Ethereum ETFs Affect the Crypto Options Market?
Data from Deribit shows that 61,320 Bitcoin contracts worth $4.07 billion are set to expire today. This figure marks a significant increase compared to the 20,679 contracts seen last week. The current put-to-call ratio is at 0.61, with a maximum dip level indicated at $63,000.
Similarly, Ethereum options worth over $1.59 billion, comprising 499.803 contracts, are also expiring, and the process is being closely monitored. The put-to-call ratio for Ethereum is 0.46, with the dip point calculated at $3,300.
The recent launch of spot Ethereum exchange-traded funds (ETFs) in the US has sparked new discussions about the existing market conditions. Analysts at Deribit attribute the current market outlook to factors such as the Mt Gox distribution, ETF exits, and the decline in Nasdaq.
The combination of the Mt. Gox distribution (Grayscale Ethereum Trust) ETHE exits and NDQ decline was too much for the collective crypto optimism of the past few days.
Adam, an analyst at the crypto options trading platform Greeks.live, also shared his observations on the current market conditions.
The crypto market, affected by the German government’s sales, formed a deep V trend in July, and BTC and ETH showed a sharp recovery in the past two weeks. The main futures IVs of the cryptocurrency also recovered significantly due to numerous positive factors.
What Are the Current Prices of Bitcoin and Ethereum?
Bitcoin’s price appears to be repeating its early morning movements today. As of the time of writing, the price continues to hover around the $67,000 level, reflecting the ongoing battle between bulls and bears in this region.
In the case of Ethereum, the price dropped from $3,469 to $3,098 on July 24. Following this decline, ETH rose by 3% in the last 24 hours, reaching $3,271.
Historical data shows that such large option expiration dates can cause significant market movements. Investors are advised to closely monitor the market for potential fluctuations in the coming hours.
