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Starting the week with a strong rally, Bitcoin has been trading around $30,000 for some time now. As of writing, BTC, which is changing hands at $30,040 with a market value of $583.11 billion, is observed to have increased its weekly value by 17.76%.
Bitcoin’s Notable Performance
The world’s largest asset management company, BlackRock’s application for a spot Bitcoin ETF to the SEC, stepping into the cryptocurrency market, caused significant excitement. Vetle Lunde, a senior analyst at K33 Research, stated in a recent investor note, “Approval of a spot Bitcoin ETF would deeply impact the market structure of the largest cryptocurrency by reducing barriers for financial advisors to exposure to Bitcoin.”
ARK Invest CEO and Chief Investment Officer Cathie Wood recently shared why the company is optimistic about Bitcoin’s price and why it has set a target of $1 million. Wood cited Bitcoin’s ability to manage counterparty risk associated with the traditional financial system as a reason why it has the potential to perform better even in a deflationary environment.
Expiry of Bitcoin Options Today
Despite the fact that the Bitcoin price dropped to $24,700 after the SEC sued the world’s largest cryptocurrency exchanges, Binance and Coinbase, earlier this month, the largest cryptocurrency quickly recovered, igniting a downtrend in options markets.
According to data from the world’s largest crypto options exchange, Deribit, the put-to-call ratio in Bitcoin options is currently 0.82, with $415 million worth of call options against $300 million worth of put options. This implies a predominance of buyers. In particular, Bitcoin’s 10% rise in just two days caught investors off guard who positioned for a decline, which could account for the lower number of put options.
Meanwhile, it seems likely that investors who have a long position in Bitcoin will make a profit of $250 million at the end of today’s expiry. Depending on the BTC price range, possible scenarios in the options markets are as follows:
