Over $5.5 billion in Bitcoin and Ethereum options have expired today. According to insights from Deribit and Greeks.live, about 41,000 BTC options, totaling a notional value of $4.93 billion and 240,000 ETH options worth $880 million are expiring today.
BTC options show a put-to-call ratio of 0.78, signaling moderate bullish positioning. The max pain point sits at $114,000, suggesting that price action may gravitate toward that level.
In the meantime, Ethereum’s put-to-call ratio is sitting at 1.0, indicating that there’s balanced hedging happening on both sides. On the flip side, the max pain point is at $2,950, which is significantly below the current ETH price of nearly $3,610–as of latest market data.
This expiration could have an impact on short-term price movements and might sway investor sentiment heading into the weekend.
ETH Leads Market Momentum
Ethereum (ETH) has taken over the bull market with it breaking all the way through $3,650 while Bitcoin maintained oscillations around its all-time high around $120,000. In this latest run, ETH is leading the entire segment of Altcoins with most seeing double digit gains.
Meanwhile, Ethereum’s implied volatility rose sharply, surpassing 70%. This indicates that traders expect more price swings pertaining to the asset. Contrary to this, Bitcoin’s implied volatility stayed stable at around 40%, thus diminishing the sense of urgency while still signaling high levels of riskiness.
Block call activity on Bitcoin has spiked in recent weeks. Over 30% of daily BTC option deals came from large institutional trades. Consequently, fear of missing out is returning to the market. Traders are betting on a continuation of the bullish rally.
Also Read: Veteran Trader Peter Brandt Says Altcoin Season Has Kicked Off
