Bitcoin and Ethereum's $1.5 Billion Day Has Come: Is Waiting the Best Strategy?
A total of approximately $1.5 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are expiring today.
According to data from Deribit, one of the largest exchanges, 18,000 Bitcoin contracts worth $1.12 billion are expiring today. The put call ratio of these options is 0.83, while the max pain level is $60,000.
Max pain is the strike price with the most open option contracts. This price is the price that will cause the largest number of option holders to suffer financial losses when the options expire. The put-call ratio shows the ratio between call options and put options in the market.
In addition to Bitcoin, 140,000 Ethereum contracts worth more than $370 million are also expiring. Their put call ratio is 0.93; the max pain level is $2,625.
The best strategy may be to âwaitâ
According to CoinGecko data, the total value of the cryptocurrency market increased by 0.3 percent on a daily basis to $2.26 trillion. Bitcoin and Ethereum prices are trading at $60,926 and $2,676, respectively.
Derivatives analyst Greeks.live said, âPositions in weekly options continue to decline. Considering that the market is relatively flat, the best strategy may be to wait. Options data shows that the market is quite calm.â
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