GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

69K BTC & 92K ETH Options Expire On 31 May – Is a Massive Sell-Off Coming?

Bitcoin

The post 69K BTC & 92K ETH Options Expire On 31 May – Is a Massive Sell-Off Coming? appeared first on Coinpedia Fintech News

On May 31, the cryptocurrency market witnessed the expiration of significant BTC and ETH options, providing key insights into market sentiment and potential strategies. According to a tweet by Greek Live, 69,000 BTC options and 920,000 ETH options expired, with notable disparities in their respective metrics.

BTC & ETH Options Expiry

A total of 69,000 Bitcoin (BTC) options expired with a Put Call Ratio of 0.37. The Maxpain point was identified at $66,000, and the options had a notional value of $4.7 billion. This data suggests a considerable level of market activity and interest in BTC options, although the Put Call Ratio indicates a stronger inclination towards call options, reflecting a more bullish sentiment among investors.

In contrast, ETH options exhibited a slightly different sentiment. The Put Call Ratio for 920,000 ETH options was 0.46, suggesting a more balanced sentiment between calls and puts. 

The Maxpain point for ETH was at $3,300, and the notional value of ETH options amounted to $3.5 billion. Despite the higher Put Call Ratio compared to BTC, the sentiment remained positive overall.

Post-Spot ETH Reaction 

The spot Ether ETF approval by the Securities and Exchange Commission (SEC) in May marked a significant event for the cryptocurrency market. Anticipation of the approval led to a 20% increase in Ether prices during May. However, the SEC only approved the 19b-4 filing, postponing the actual listing for trading.

Since the Ether ETF approval, the cryptocurrency market has exhibited a bearish sideways movement, with Ether remaining below $4,000 and Bitcoin failing to break the $70,000 barrier. However, the market is currently experiencing bearish momentum, correcting from the bullish surge seen in the past two weeks.

What To Expect Now?

Predicting the exact impact of options expiry on Bitcoin’s price is extremely difficult. Typically, spot markets rarely react significantly to options expiry events, but today’s is a notable exception. The total market capitalization has remained relatively flat at $2.68 trillion, with minimal movement in crypto markets over the past 12 days.

Currently, Bitcoin has dropped by 1.8% and is trading at $68,489, while Ethereum has slightly fallen to $3,751. Meanwhile, most altcoins remain in the red, extending their declines from the past few days. Meme coins, in particular, have experienced significant losses.

Latest Press

post-thumbnail
News
2 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
2 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
2 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
2 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
2 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
2 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
2 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
2 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
2 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
2 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started