Bitcoin price is currently flirting around $30,042 levels after making strong gains earlier this week. As of press time, BTC price is trading at $30,015 with a market cap of $582 billion.The world’s largest cryptocurrency is poised for the strongest weekly close after March 2023, amid a flurry of applications for spot Bitcoin ETF from some of the largest financial institutions in the world.
Earlier this month after the strong US SEC action against Coinbase and Binance, the BTC price dropped to $26,300 fueling bearish trades in the options market. As per data on Deribit, the put-to-call ratio of 0.82 compares the open interest of buy options worth $415 million to sell options worth $300 million. However, the actual outcome will be lower because bearish traders were taken by surprise when Bitcoin surged by 10% in just two days.
For example, if Bitcoin’s price stays around $29,800 at 8:00 am UTC on June 23, there will be only $5 million worth of put options. This difference occurs because the right to sell Bitcoin at $28,000 or $29,000 becomes invalid if BTC is trading above that price at the time of expiration.
On the other hand, bulls are likely to take away a profit of $250 million in today’s expiry. Below are the likely scenarios depending on the BTC price range.
BlackRock has put its foot in the door with its spot Bitcoin ETF application, thereby triggering a major euphoria in the crypto market. “An approval would profoundly impact the market structure of Bitcoin, as it would reduce the barriers for financial advisers to offer exposure” to the token, Vetle Lunde, senior analyst at K33 Research, wrote in a note.
Cathie Wood, the CEO and chief investment officer of ARK Invest, provided insights into why the firm is optimistic about the price of Bitcoin and has set a target of $1 million. Wood believes that Bitcoin has the potential to outperform even in a deflationary environment due to its ability to address the counterparty risk associated with the traditional financial system.
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