Over $2 Billion BTC and ETH Options Set to Expire: Analysis

A tweet by Greeks.live, a notable crypto analytics platform, has stirred discussions within the trading community regarding the imminent expiration of Bitcoin (BTC) and Ethereum (ETH) options, totaling an impressive $2.33 billion.

Bitcoin Options Expiry Overview

As per Greeks.live data, approximately 21,564 BTC options are nearing expiration, showcasing a Put Call Ratio of 0.64, indicative of bearish sentiment. The prevailing Maxpain point is identified at $65,000, with the total notional value of expiring BTC options reaching $1.4 billion.

Ethereum Options Expiry Overview

For Ethereum, 298,415 ETH options are scheduled to expire, with a Put Call Ratio of 0.42, echoing bearish sentiment. The Maxpain point for expiring ETH options is noted at $3,125, and the total notional value stands at $930 million.

Market Performance and Sentiment

Recent market events witnessed significant pullbacks, with Bitcoin and Ethereum experiencing declines towards $60,000 and $3,000, respectively. This downturn led to notable gains for shorts, attributed in part to a decline in Implied Volatilities (IVs) across major terms and a drop in call option prices. Anticipation surrounding Saturday's Bitcoin halving previously buoyed prices but now appears insufficient to maintain market support.

While a minor rally occurred recently, market sentiment remains subdued, particularly with the deceleration in spot ETF inflows. Major market whales' actions suggest a lack of confidence, prompting bulls to seek additional inflows post-halving for market stabilization.