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**Crypto Markets: A Rollercoaster Ride! 🎢**
This week, the crypto markets have been on a wild journey, fueled by Ethereum's surge and the US Securities and Exchange Commission's (SEC) nod for spot exchange-traded funds. 📈
Here's the scoop:
1. **Bitcoin Options Expiry:**
- Around $1.4 billion in Bitcoin options contracts are set to expire on May 24. Not a massive event, but wait for the real fireworks on May 31 when $4.3 billion worth of options will expire! 💥
- The put/call ratio for this week's Bitcoin options is 0.88, meaning long and short-contract sellers are evenly matched (with slightly more calls expiring).
- Bulls dominate open interest (OI) at the $70,000 strike price, flexing around $830 million. Higher strike prices also boast hefty OI, like $843 million at $100,000. Bulls are feeling bullish! 🐂
2. **Ethereum Spotlight:**
- Around 354,000 Ethereum contracts expire today, with a notional value of $1.5 billion. The put/call ratio favors more calls expiring (0.57).
- Derivatives traders are speculating on ETH ahead of the SEC's deadline. At the $4,000 strike price, there's $515 million in OI. Bulls want more momentum! 🙌
3. **Crypto Market Impact:**
- Nearly $3 billion in BTC and ETH options expire today, but the impact on spot markets is usually muted.
- Total market capitalization dipped 1.3% to $2.68 trillion due to a 2.3% slide in Bitcoin prices (currently at $67,400). Ethereum stands calmly at $3,730. 🌊
- Altcoins: Gains for Chainlink (LINK), PEPE, and Ethereum Classic (ETC), but losses for Solana (SOL), Dogecoin (DOGE), and Toncoin (TON).
Stay tuned for more crypto adventures! 🌌🔍🌟
