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Is a Short-Term Price Drop Coming?

Andras Crow-Hreidar by Andras Crow-Hreidar
October 25, 2024
in Crypto, News
Reading Time: 2 mins read
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The cryptocurrency market is on high alert this week as it anticipates potential short-term volatility. A substantial $5.26 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire today, which could significantly influence market prices. With $4.2 billion in Bitcoin options and $1 billion in Ethereum options expiring on Deribit, traders are closely observing these developments, particularly as Bitcoin struggles to surpass the $69,000 resistance level.

$5.2 Billion in BTC and ETH Options Expiring Today

According to data retrieved from Deribit, the expiration of approximately 62,600 Bitcoin options contracts is happening today, carrying a notional value of around $4.26 billion. A noteworthy portion of these contracts are “in-the-money” (ITM) calls, meaning their strike prices are below the current market rate. The Bitcoin put-to-call ratio stands at 0.66, indicating a higher number of calls compared to puts, with the maximum pain point identified at $64,000.

On the Ethereum front, about 403,000 options are set to expire, valued near $1 billion. The put/call ratio is at 0.97, suggesting a nearly balanced sentiment among traders. Cumulatively, the options expiry for the week amounts to approximately $5.3 billion.

Current Market Outlook

In examining the current market outlook, the open interest (OI), which reflects the total quantity of outstanding options contracts, remains notably high at the $70,000 strike price, exceeding $1 billion. Additionally, there is an impressive $1.2 billion in OI at the $80,000 strike price, demonstrating some traders’ optimism about sustained market momentum.

Earlier in the week, Bitcoin futures OI also hit record highs, surpassing $40 billion, as reported by Coinglass. Nonetheless, recent market pullbacks have alleviated some of this leverage.

Bitcoin’s Dominance in the Options Market

Insights from experts at Greeks Live reveal that Bitcoin’s dominance in the options market has returned to levels not seen since 2021. This resurgence is primarily attributed to Ethereum’s current weakness. Analysts have noted that options market indicators are now predominantly focused on Bitcoin data.

The Evolving Cryptocurrency Landscape

As the cryptocurrency landscape continues to evolve, market dynamics are also being shaped by forthcoming events, such as the U.S. presidential election. These developments could further influence market trends and strategies among traders, making it a critical time for stakeholders to pay attention to the unfolding scenarios.

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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