$1.04 billion worth of Bitcoin options expire today as more crypto whales sell their holdings
In the midst of crypto billionaire sell-offs, $1.54 billion in Bitcoin and Ethereum options come to an end today. The put-to-call ratios of the Bitcoin and Ethereum contracts that are about to expire are 0.71 and 0.37, respectively.
Currently, the crypto market is anticipating the expiration of approximately $1.54 billion in Bitcoin (BTC) and Ethereum (ETH) options.
The price volatility that frequently results from the expiration of crypto options is a reason for traders and investors to closely monitor the events of the day.
The notional value of expiring Bitcoin options is $1.04 billion, with 18,339 contracts scheduled to expire. These contracts have a maximal pain point of $62,000 and a put-to-call ratio of 0.71.
The maximal pain point in options trading is the price level that poses the greatest financial hardship for option holders. Furthermore, the put-to-call ratio indicates that purchase options (calls) are more prevalent than sales options (puts).
The notional value of Ethereum’s 162,782 expiring contracts is $501.12 million. These contracts have a maximum pain point of $3,350 and a put-to-call ratio of 0.37.
Additionally, the data indicates that the short-term implied volatility (IV) of BTC has increased by 10%. In the interim, the Deribit Implied Volatility Index (DVOL) has increased by 3%, and ETH-related parameters have increased marginally less than BTC. Skew values suggest a pessimistic market sentiment.
“The distribution of transactions is more intricate, and the BTC Block put volume is evidently increasing. The largest put is the 58,000 put on July 12. Based on the Options Data, whales are currently not overly concerned with potential downside risk and are primarily in the process of modifying their positions for the quarterly delivery that took place last week, particularly for ETH, where whales are exhibiting low volatility expectations,” According to live analysts.
This week, the prices of both Bitcoin and Ethereum have experienced substantial declines. BTC experienced a significant decline from $60,000 on July 4 to as low as $56,964 today. Bitcoin is currently trading at $57,037 at the time of this writing. In the same time frame, Ethereum experienced a decline from $3,304 to $3,060. In the past 24 hours, the value of ETH has decreased by 3.4% to $3,083.
The recent decline in BTC and ETH prices is attributable to the increased sell-offs from long-term giants, including governments, according to industry experts. The German government’s crypto wallet transferred 3,000 BTC, which is equivalent to approximately $174.3 million, to multiple destinations yesterday, according to BeInCrypto’s on-chain data. These encompass significant cryptocurrency exchanges, including Kraken, Coinbase, and Bitstamp.
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