Bitcoin (BTC) is trading below $60,000 ahead of today's billion-dollar option expiration.
According to data from derivatives markets, the 23,000 Bitcoin options expiring today have a value of approximately $1.4 billion.
The put-call ratio between these options is 0.49. Put-call ratios below 0.7 indicate that there are more call options than put options.
The cryptocurrency market has moved downward throughout this week. Bitcoin, which lost 7% of its value over the week, is currently trading just above $59,500.
Spot Bitcoin ETFs, which started trading in Hong Kong this week, did not meet bulls' expectations. At the same time, money continues to come out of ETFs in the United States.
Derivatives analyst Greeks.live stated that "As the market loses its strength, confidence also decreases" and the implied volatility of options in different periods decreases. According to analysts, options traders are bracing themselves for a slow summer.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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