Why Bitcoin Price Is Destined To Pump In July 2023?
Crypto Market News: The recent crypto market rally came just around the time before closing of a huge chunk of Bitcoin and Ethereum options, potentially paving way for significant volatility. Around 40% of the average daily volume in options market is dominated by Bitcoin and Ethereum quarterly positions. Hence, the crypto market could well be in for a huge upside in the crypto asset prices.
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The recent rally in Bitcoin price came at the back of back to back lawsuits against crypto exchanges Coinbase and Binance, after which the crypto market looked largely unfazed in terms of price changes.
Quarterly Expiration Week
Options market data suggests that a massive share of BTC and ETH quarterly positions account for open interest by expiration. Therefore, this could have a market moving impact when the positions expire on Friday, June 30, 2023. According to numbers from AmberData,
“150,633 BTC options contracts worth $4.57 billion & $1.23 million ETH contracts valued at $2.3 billion will expire on Deribit Exchange.”
Earlier, CoinGape reported that the Bitcoin price rally could help breach the $31,150. From the current level, it would be an around 5% jump to reach the target price, which was the peak during the March 2023 rally when the US regional banking crisis was dominating the financial markets.
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