A total of $1.1 billion worth of Bitcoin ($BTC) options contracts will expire today, October 11, 2024, and an additional $510 million worth of Ethereum ($ETH) options contracts will expire as well, making the virtual It is set to deal with a $1.3 billion earthquake that has already caused uncertainty in currency markets.
The expiration of these contracts, with a total notional amount of approximately $1.6 billion and equivalent to 18,000 BTC and 212,000 ETH, is likely to cause increased volatility in the coming days. According to analysts at Greeks.live, the put-to-call ratio for Bitcoin options contracts is 0.91, with a bias toward put options that give the holder the right but not the obligation to sell BTC at a predetermined price. It is said to suggest that.
Analysts pointed to Bitcoin's “biggest problem”: $62,000, the price at which most options contracts expire worthless. They write that the put-to-call ratio for Ethereum options is 0.4 and the “maximum pain point” is $2,450.
Bitcoin is trading at around $61,000 per BTC at the time of writing, after falling from around $64,000 to a low of $60,000 earlier this month, from which it has now recovered.
Ethereum, on the other hand, is trading at $2,400, up 1.7% over the past week following a broad recovery in the crypto market. For analysts at Greek.live, Ethereum's $2,300 support line and Bitcoin0's $60,000 level have been contested so many times that “a market shift could be just around the corner.” .
As reported by CryptoGlobe, over the past three days, large Bitcoin holders, colloquially known as whales, have “sold or redistributed” around 30,000 BTC. This equates to more than $1.8 billion in major cryptocurrencies.
The decline is in line with recent predictions that suggest Bitcoin could soon go “full bull” on a rally and the cryptocurrency could surpass the $80,000 mark, but before that BTC Below $50,000 capitulation may occur with a move to take away.
Featured image via Pixabay.
