Options data for November 1 has been released, showing nearly $2 billion in Bitcoin and Ethereum options expired today. According to data from Greeks.live, 28,000 BTC options expired with a Put/Call Ratio of 0.92, a Maxpain point of $69,000, and a nominal value of $1.97 billion.
Additionally, 137,000 ETH options with a Put/Call Ratio of 0.69, a Maxpain point of $2,550, and a nominal value of $350 million have expired.
The options expiration data was released after a busy week for Bitcoin as it reached $73,500 on October 29, thanks to several factors.
BTC price trading above $69,000
At the time of writing this article, the price of BTC is trading above $69,000, down over 4% in the last 24 hours.
This week marks a significant rally for BTC, starting from October 28 from a price of $67,000, reaching a peak price of over $73,500, the highest since March.
The recent price increase of this currency is driven by several factors including the accumulation of whales, the upcoming US elections next week, and significant money flowing into BTC ETF funds in the US.
On October 31, cryptocurrency products recorded over $32 million in inflows, and on October 30, they saw over $893 million in inflows, marking the largest day since June.
BTC ETFs have seen a significant inflow of funds starting on October 11, at over $253 million, continuing until yesterday. During this period, the only day with outflows was October 14, when cryptocurrency products saw outflows of $79 million.
According to SoSoValue data, the total net assets locked in US BTC ETFs as of October 31 are over $70 billion, and the total accumulated inflow in cryptocurrency products since their launch in January is over $24.2 billion.
After the rally this week, the price of BTC dropped yesterday and fell to around $68,900 today before quickly recovering above $69,000.
Data from CoinGlass shows that the amount of BTC liquidated in the last 24 hours was nearly $90 million, with $80 million in long positions and over $9 million in short positions.
Greeks.live shared a post via X earlier today, highlighting their previous prediction of a massive whale death.
They also noted that BTC ATM IV is predicted to be nearly 70% on November 8.
ETH price trading at $2,500
Regarding the current price of Ethereum, at the time of writing this article, the currency is trading at $2,500, down over 5% in the last 24 hours.
Unlike BTC, ETH has performed poorly throughout the year, even though ETH ETF was launched in the US. Cryptocurrency products have not seen the same success as BTC ETF.
In the last 24 hours, ETH has seen liquidations of over $45 million, with $41 million in long positions and $4.3 million in short positions.
The cryptocurrency market is expected to see increased volatility as the US elections approach.