After seeing strong volatility this week, crypto traders are keeping a close watch on the Bitcoin and Ethereum options expiry scheduled ahead this Friday, June 28. Ahead this week, a total of $6.6 billion in Bitcoin options and $3.5 billion in Ethereum options will expire. Earlier this week, both these assets moved closer to their max pain points. Thus, it will be interesting to see how traders react going into Friday’s expiry.
A Look Into the Bitcoin and Ethereum Options Data
On June 28, Bitcoin options worth $6.6 billion are set to expire with a put/call ratio of 0.47, indicating a bullish signal. As per the data from Deribit, the total Open Interest is currently at $108,239.60 with 71,651.40 of call options and 36,588.20 of put options. Also, the max pain point for Bitcoin is currently at $57,000. Earlier this week, the Bitcoin price corrected all the way to $58,000 before bouncing back above $61,000 again while edging towards the max pain point.
Also Read: When Is Bitcoin (BTC) Price Likely To Reach $100,000?
Courtesy: Deribit
Similarly, the Ethereum options with a notional value of $3.54 billion are set to expire on Friday, June 28. The put/call ratio for the ETH options expiry is currently 0.58. The total open interest is currently 1,049,020.00 – with 662,453.00 of call options and 662,453.00 of put options. The max pain point for Ethereum is $3,100 while the ETH price is currently trading at $3,382 with 4.7% decline on the weekly chart.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
Courtesy: Deribit
The max paint point is the price where most options become worthless. As the expiry date approaches closer, the market moves in a direction gravitating towards these levels. As a result, investors/traders are keeping a close watch on whether BTC and ETH prices with their respective max pain prices.
Key BTC and ETH Developments
Following the 15% correction from its all-time high levels, Bitcoin seems to be showing signs of bottom formation. Excess leverage seems to have flushed out as open interest declines and funding rates drop ahead of the Bitcoin options expiry, reports CryptoQuant. All eyes will be on the crucial US economic data and the macro developments going ahead.
Signs of a Local Bottom?
After a 15% correction, #Bitcoin shows potential signs of a local bottom. Open interest has declined, funding rates are near zero, suggesting a more balanced market. Crucial U.S. economic data incoming. Is the tide turning? – By Gustavo Faria
Full post… pic.twitter.com/nRCDVawmFa
— CryptoQuant.com (@cryptoquant_com) June 26, 2024
On the other hand, Ethereum investors are keenly awaiting the launch of spot Ethereum ETFs, expected to go live next week. Players like VanEck are already gearing up for the launch while announcing zero trading fees mostly up the end of 2025.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.