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Today, the crypto market anticipates the expiry of approximately $1.85 billion in Bitcoin and Ethereum options. Market participants closely monitor these expiries, which could lead to increased volatility. According to Deribit, the expiry of 23,832 Bitcoin contracts, valued at approximately $1.37 billion, will occur today. This figure is higher than last week’s 18,339 contracts.
What Is Happening in the Options Market?
The put-to-call ratio of these expiring contracts is 1.09, with the maximum stress point recorded at $58,500. In the crypto options market, the maximum stress point represents the price level that causes the most financial discomfort to option holders. Meanwhile, the put-to-call ratio indicates that buying options are more prevalent than selling options.
In addition to Bitcoin options, 156,792 Ethereum contracts with a notional value of over $488.05 million will also expire today. Ethereum’s put-to-call ratio is recorded at 0.38, with the maximum stress point at $3,100.
This week, the crypto market was influenced by broader economic factors. On July 11, the Bureau of Labor Statistics (BLS) released the US Consumer Price Index (CPI) data for June, showing an annual inflation rate of 3%. This figure was below market expectations.
Notable Market Data
Bitcoin briefly reached $59,000 during recent economic updates, while Ethereum saw a slight increase, trading at $3,105. This positive development occurred despite market pressure from significant Bitcoin sales by the German and US governments. Adam, an analyst at the crypto options broker Greeks.live, provided insights into the current sentiment in the crypto options market:
“The overall IV level has significantly recovered. If you choose a higher IV, you can open a sell order. The large amount of funds provided this quarter will collapse the IV at any moment.”
Historically, sharp price movements resulting from options expiries tend to be temporary, and markets soon stabilize. However, investors need to be cautious while analyzing technical indicators and market sentiment to manage this volatile period effectively.
