According to current data, 87,000 BTC and 880,000 ETH options are set to expire at a crucial juncture in the cryptocurrency market. This development comes as Bitcoin (BTC) surged to a yearly high of $36,000, demonstrating notable strength. Ethereum (ETH), while performing slightly less impressively, has seen improved market sentiment. These impending option expiries hold the potential to influence market dynamics soon.
With a notional value approaching $2.98 billion, Bitcoin is gearing up for a significant options expiry, accompanied by a put-call ratio of 0.88. Furthermore, the maximum pain point is roughly $29,000. These factors together suggest the potential for imminent market volatility. However, it’s important to note that the price of Bitcoin currently stands at $34,094.86, reflecting a 1.81% decrease from the previous day.
🚩27 Oct Options Data
— Greeks.live (@GreeksLive) October 27, 2023
87,000 BTC options are about to expire with a Put Call Ratio of 0.88, a max pain point of $29,000 and a notional value of $2.98 billion.
880,000 ETH options are about to expire with a Put Call Ratio of 0.47, a max pain point of $1,650 and a notional value of… pic.twitter.com/Mm3bHHyNXK
Ethereum’s situation mirrors a similar narrative, though with particular distinctions. An impending expiry of 880,000 ETH options is on the horizon. Significantly, its put call ratio reads 0.47, indicating a bullish undertone. Additionally, the max pain point for Ethereum stands at $1,650, with the notional value for these options being $1.57 billion. Ethereum trades at $1,781.79, experiencing a 3.57% dip within the past day.
Hence, the week’s most salient feature was the BTC price surge, marking a new annual pinnacle. This uptrend triggered a full-term IV surge, nearing its highest for the year. Consequently, the options delivery price is predicted to drift substantially from this week’s max pain point.
Yet, it’s crucial to note that the latter part of the week witnessed a predominant selling trend, likely by market whales. Significantly, this activity heralded a notable shift in market sentiment. While this sentiment showed signs of improvement, it remains insufficient to bolster a sustained bull run. Therefore, monitoring market news and data becomes essential. Only then can one ascertain if the incoming capital will be enough to fuel the current bullish fervor.
The crypto market is bracing for notable option expiries. Given the recent shifts and activities, investors should remain watchful, observing incremental data for future moves.
