Today, Bitcoin has 20,000 options contracts expiring, valued at $2.15 billion. While this is much lower than last week’s $88,537 contract, it could still lead to some volatility in the price. With more long contracts (calls) than short contracts (puts), market sentiment for Bitcoin remains largely positive.
Bitcoin’s open interest, which refers to the number of contracts that have not yet expired, has reached a peak of $120,000. This suggests that many traders expect Bitcoin to rise further.
Meanwhile, the key price to watch is $97,000 as this could indicate where Bitcoin is headed next.
$453 million worth of Ethereum options expire
Besides Bitcoin, Ethereum has 1,323,745 options contracts expiring soon, worth $453 million. The put/call ratio is 0.33, indicating that more traders expect the price to rise. Ethereum’s maximum pain price is $3,400, which means we may see the price move towards this level. Ethereum has performed well recently, but it needs to break through $3,600 to continue to rise.
What’s Next for Bitcoin and Ethereum?
With this massive expiration, the market could see some movement in the prices of Bitcoin and Ethereum, especially given the recent price volatility. Bitcoin is approaching $97,000 and could move higher if it breaks above this resistance level.
Ethereum is also seeing gains and is trading close to $3,430. However, both will need to break through key resistance levels to continue their gains.
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