Today, an important turning point is taking place in the cryptocurrency market, with approximately $3 billion of Bitcoin and Ethereum options expiring. This can significantly affect market activity.

With options expiring, key contracts and maximum pain points have been identified. This can greatly increase market volatility. One particularly notable development is the huge drop in open interest in Bitcoin options compared to last week.

According to Deribit data, approximately $2.34 billion worth of Bitcoin options will expire today. The maximum pain point of these options is set at $66,000, while the put/call ratio is 0.58. This expiration includes approximately 36,732 contracts, compared to the 61,320 contracts registered last week; This indicates a significant decrease. The maximum pain point refers to the price level at which option holders will experience the greatest financial distress and is a critical reference point for traders.

Similarly, $577.2 million worth of Ethereum options will expire, covering a total of 183,756 contracts. The maximum pain point for these options is set at $3,300, and the put/call ratio is 0.55, indicating that call options are more common. Expirations of these options will be closely monitored for their impact on the market, allowing traders to be prepared for possible fluctuations.

According to data from crypto options trading platform Greeks.live, the monthly post-settlement Dvol Index in July experienced a significant decline from 62% to 48%. This shows that market volatility has decreased significantly. Current implied volatility (IV) levels are among the lowest of the year and are only slightly above levels three weeks ago. Analysts attribute this reduced volatility to the smooth passage of major events such as the Bitcoin 2024 Conference and FOMC meetings.

Over the last 24 hours, a sharp decline has been observed in Bitcoin price, falling below $62,000. The move led to the liquidation of $2.5 billion worth of leveraged long positions and increased market sentiment ahead of options expiration. However, significant short positions still remain, and a breakout for Bitcoin above $70,440 could result in the liquidation of a significant $2.4 billion worth of bearish positions, says noted crypto analyst Ali Martinez.

Additionally, Genesis Trading is thought to have moved $126 million worth of Ethereum to different addresses and that this transaction was part of a bankruptcy liquidity process. This transfer coincides with Ethereum's struggle to establish support above $3,100 and is happening despite the anticipated Ethereum ETF launches. The market reaction to these ETFs reflects a cautious approach among traders, following a “buy the rumor, sell the news” pattern.

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