Today will be a turning point in the cryptocurrency market. Large-cap options for Bitcoin (BTC) and Ethereum (ETH) are expiring. This, combined with market conditions, can have significant impacts. This options data could offer a different perspective on the market, especially following the approval of the spot Ethereum ETF.
Bitcoin Options Data
There are 21,000 BTC options expiring for Bitcoin (BTC). The Put Call Ratio is recorded at 0.88, indicating a relatively balanced sentiment in the market but with some bullish bias. The Maxpain point for BTC is set at $ 67,000 and the nominal value of these options is $ 1.4 billion. This indicates that a significant amount of capital is at risk.
Ethereum Option Status
Ethereum (ETH) options paint a different picture. There are 350,000 ETH options expiring and the Put Call Ratio is quite low, 0.58. This ratio indicates stronger bullish sentiment for ETH. The Maxpain point for ETH was determined as $ 3,200 and the nominal value of these options was recorded as $ 1.3 billion. This data reflects interest in ETH and possible price movements.
Ethereum's Latest Performance
Recently, ETH has outperformed BTC, largely thanks to Ethereum ETF developments. This optimism led to a 20% price increase of ETH in one day, with option implied volatility (IV) as high as 150%. ETH's uptrend remains strong, as evidenced by block trades and the overall market structure. However, high implied volatility can be difficult to sustain.
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I EXPLAIN IN DETAIL.
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