Focus on Black Friday this week
Bitcoin options worth $6.6 billion and Ethereum options worth $3.4 billion are about to expire
Bitcoin and Ethereum options data at a glance
On June 28, Bitcoin options worth $6.6 billion are about to expire, with a put/call ratio of 0.47, indicating a bullish signal. According to Deribit data, the total open interest is currently $108,239.60, of which 71,651.40 are calls and 36,588.20 are puts. In addition, Bitcoin's maximum pain point is currently $57,000. Earlier this week, Bitcoin prices pulled back all the way to $58,000, and then rebounded again to over $61,000 and approached the maximum pain point.
Similarly, Ethereum options with a notional value of $3.54 billion will expire on Friday, June 28. The put/call ratio for ETH options expiration is currently 0.58. Total open interest currently stands at 1,049,020.00, with 662,453.00 for calls and 662,453.00 for puts. Ethereum’s maximum pain point is $3,100, while ETH price is currently trading at $3,382, down 4.7% on the weekly chart.
The maximum pain point is the price at which most options become worthless. The market moves in the direction of these levels as expiration approaches. Therefore, investors/traders are closely watching whether the prices of BTC and ETH reach their respective maximum pain prices.
Key Developments for BTC and ETH
Following a 15% pullback from its all-time highs, Bitcoin appears to be showing signs of bottoming out. Excess leverage appears to have evaporated as open interest decreases and funding rates fall ahead of Bitcoin options expiration, CryptoQuant reports. All eyes will be on key US economic data and macro developments ahead.
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