There are approximately 18,000 Bitcoin options expiring on April 5th with a notional value of $1.23 billion.
However, today's expiration event is much smaller than the massive $15 billion crypto options expiration at the end of last quarter.
Additionally, the market was weak this week, with $150 billion vacant, resulting in a 5% drop in market capitalization.
Bitcoin options expiration date
Today's expiring Bitcoin options contract has a put/call ratio of 0.64. This means that there are approximately one-third more call (long) contracts expiring than put (short) contracts.
Additionally, the biggest problem with today's batch is the $68,000 price tag, which is about $500 more than the current spot price.
There is also approximately $900 million in open interest at a $70,000 strike price, indicating that bulls are confident of a return to that level. Additionally, he has an OI of $840 million with a strike price of $100,000, according to Deribit. However, BTC seems to be retreating at the moment.
Cryptocurrency derivatives tools provider Greek Live reported that a volatile week ended with a win for short sellers, with short calls being the most dominant trade this week, with “implied volatility across all key terms.” “This shows a significant decline,” he added.
“Bitcoin is coming out of halving with sentiment support, and other coins are in short-term bear markets. ETF inflows have slowed recently as the market digests the premium from ETFs. There is.”
In addition to Bitcoin options, approximately 270,000 Ethereum contracts are set to expire. They have a put/call ratio of 0.38, a maximum pain point of $3,400, and a notional value of $890 million.
Virtual currency market outlook
The cryptocurrency market rose yesterday evening, reaching a total cap of $2.67 trillion, but the trend has since reversed and most assets have wiped out the gains. If we zoom out, we can see that the market has been consolidating around this level since early March.
Bitcoin rose to $69,000 after a midweek selloff, but fell to $66,500 during Friday morning's Asian session. The asset remains down about 10% from its all-time high.
Ethereum price did not perform as well, but ETH still fell by 1% to $3,275.
Altcoins are a mixed bag, with Toncoin (TON), Bitcoin Cash (BCH), and Ethereum Classic (ETC) showing significant gains, while Solana (SOL), Internet Computer (ICP), and Aptos (APT) are notable. showed a decline.
