On Friday, April 12, there are approximately 21,000 Bitcoin option contracts that will expire. The notional value is around $1.5 Billion, slightly more than the expiry event last week.
Bitcoin dominates the market, which has also been stable in recent weeks.
Bitcoin Options Expiration
The put/call (shorts/longs) ratio for today’s batch of Bitcoin derivatives expiring is 0.62. This means that there are nearly twice as many long (calls) contracts as shorts (puts).
The maximum pain point or the price where most of your losses are likely to occur at expiry is $69,000. This is a bit lower than spot prices.
Bulls seem to dominate the derivatives market at this time, as there is a large amount of open interest at prices above $75,000 Deribit reports that the $80,000 and $100 strike prices have a lot of open interest, generating $880 and $934 millions respectively.
The volatility levels on the crypto markets have increased significantly in this week. $70,000 and $3.500 [for ETH contracts] Greeks Live, a provider of crypto derivatives tools, said: “There is a lot to be won.”
The report also noted that “implied volatility” has seen “significant declines in all major terms. Sell calls have been the dominant trade for the month and expectations of halving them appear to be excessive.”
Option Data for 12 April
The expiration of 21,000 BTC Options with a put call ratio of 0.62 and Maxpain of $69,000 is due.
The expiration of 230,000 ETH Options with a put call ratio of 0.49 and Maxpain of $3.425 is due. pic.twitter.com/MjPStb9VW1
— Greeks.live (@GreeksLive) April 12, 2024
Along with the Bitcoin options that expire today, there are also 230,000 Ethereum contracts. They have a nominal value of $800,000,000, with a call/put ratio of 0.49 and a maximum pain level of $3425.
Greeks Live has concluded that sentiments have slowed down, but Halfing BTC may be buoyed for the near-term.
The recent decline in ETF InflowsThe halving is worth the short-term due to its presence.
Crypto Martket Outlook
The crypto markets have been trading at a flat rate for the entire day. At the time of this writing, the total capitalization was $2.74 trillion.
BTC has been trading at $70,900 in the morning Asian session on Friday. This is after a short dip under $70,000. This asset is only 4.2% from its record high.
Ethereum has fallen 1.3% in the last 24 hours to $3,522 as of the date this article was written. Altcoins showed mixed results with some tokens registering gains or losses.
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