The early morning Bitcoin conference triggered a surge in BTC prices; but will the expiration of $4.3 billion worth of Bitcoin options today hit the cryptocurrency market hard?
About 61,200 Bitcoin options contracts will appear today, with a notional value of about $4.26 billion. Despite the launch of the first spot Ethereum ETF in the United States, the spot market has lost some momentum this week.
The put/call ratio of a large number of Bitcoin derivatives is 0.61, which means that the number of long contracts expiring is almost twice that of short contracts. Data from Deribit shows that open interest in contracts with higher strike prices seems to favor bulls, with contracts with a strike price of $70,000 worth $942 million and contracts with a strike price of $100,000 worth as much as $1.3 billion. On the put option side, the strike price is $60,000 and the amount of open interest is about $500 million.
In addition to BTC contracts, there are about 500,000 Ethereum options contracts expiring today. The notional value of these contracts is $1.76 billion. The put/call ratio for ETH contracts at expiration is 0.46, meaning that more than twice as many long contracts expire than short contracts; the largest number of open interest is in contracts with a strike price of $4,000, amounting to more than $520 million, according to Deribit data. The two batches of crypto options have a combined notional value of about $6 billion, making it one of the largest expiration events this year.
The spot market fell by about $120 billion this week, with Bitcoin falling back to $64,000 on July 25. Although BTC has recovered from the $54,000 low in early July, it failed to break through the $68,000 resistance level earlier this week and fell back. However, in the early Asian trading hours on Friday, BTC reclaimed $67,000.
Despite the launch of spot ETFs, Ethereum has performed much worse. ETH has fallen 11% since its launch, falling to $3,100 on July 25, and then rebounded to $3,250 during Asian trading on Friday.
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