NewsletterBitcoin Options Expiry Today, BTC Price Max Pain Point At $55K
Highlights
- Bitcoin options put-call ratio stands at 1.49 with a max pain point of $55,000.
- Traders implement spot-protected strategies despite rise in Bitcoin options value.
- GBTC bitcoin ETF Outflows once again reach $600 million.
The world’s largest cryptocurrency Bitcoin (BTC) had a phenomenal price rally this week shooting all the way to $64,000. Since then, the Bitcoin price has faced some retracement and currently trading at $61,158 levels with a market cap of $1.2 trillion. Today is the weekly Bitcoin options expiry with traders expecting some volatility going ahead.
Bitcoin Options Expiry Hints At Notable Market Trend
As the expiration of cryptocurrency options approaches, significant figures emerge in the market landscape. A total of 19,000 Bitcoin (BTC) options, valued at a notional value of $2 billion, are set to expire with a combined notional value of $790 million. The Put Call Ratio stands at 1.49 for BTC options while the Maxpain point is indicated at $55,000 for BTC.
This news comes amidst an eventful week in crypto markets, marked by Bitcoin’s surge to over $64,000 and a noticeable uptrend in major term implied volatilities (IVs), reaching levels last seen in January 2024 and March 2023.
Driving the bullish sentiment in the spot market is the Bitcoin ETF, which has experienced remarkable gains this week. However, despite modest rises inBitcoin options volume and positions, buyers are increasingly adopting spot-protected strategies, contributing to a robust market structure. Bitcoin now commands over 50% of the total cryptocurrency market share, while attention is expected to shift towards Ethereum as the bull market progresses, reports Greeks.Live.
BTC Whales on Selling Spree
According to crypto analyst Ali Martinez, there’s been a notable surge in profit-taking among Bitcoin whales. Over the last three days, they’ve offloaded over 80,000 BTC, equivalent to about $4.8 billion. Investors and traders should exercise caution in light of this development.
On the other hand, outflows from the Grayscale’s GBTC ETF continue to rise once again this week, doubling every next day. As per data from Farside investors, the GBTC outflows on Thursday, February 29, stood at a staggering $600 million. Despite this, the inflows continue to remain strong with BlackRock’s IBIT leading by a huge margin. The total inflows into spot Bitcoin ETFs as of Thursday stood at $510 million.
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