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32,000 Bitcoin Options Set to Expire Amid Strong BTC Recovery

Bitcoin options and Ethereum options expiry today with a put-call ratio nearing 1.0, indicating a close contest between bulls and bears.
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32,000 Bitcoin Options Set to Expire Amid Strong BTC Recovery

Highlights

  • The implied volatility dropped significantly from the start of the week but remains high from pre-crash levels.
  • 206,000 ETH options are set to expire today with a put-call ratio of 0.96.
  • Both Bitcoin and Ethereum gave a surprise surge by 7-10% ahead of the options expiry.

Amid a week of strong volatility in the crypto market, $2.5 billion worth of Bitcoin options and Ether options will be expiring today amid a tight fight between the bulls and the bears. Both the assets – BTC and ETH – have been showing major strength gaining 7% and 10% respectively.

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Bitcoin Options Expiry

As per the data from Deribits, a total of 32,000 Bitcoin options contracts are set to expire today with a put call ratio of 0.71. The notional value of the expiry is $1.943 billion while the max pain point of $60,000.

Courtesy: Deribit

The Yen rate hike last week induced severe volatility in the crypto market with the Bitcoin price dropping under $50,000 earlier on Monday. However, the Bank of Japan suggested a softer stand going ahead if the market instability escalates. This led to a strong recovery in the last four days, with BTC surging sharply by 20% currently trading at more than $61,000 levels.

Also, the implied volatility has decreased to a great extent but still remains higher than the pre-crash levels. The ongoing market volatility makes it challenging for IVs to decline rapidly over a short period.

The Grayscale Research report notes that if the US economy avoids recession and manages a “soft landing,” the token valuations can rebound with Bitcoin testing its all-time high levels by the end of the year. Besides, the report also noted that there is little tolerance for a deep economic recession and the Fed could pivot soon to rate cuts on the first sight of trouble.

Also Read: CBOE Resubmits Bitcoin ETF Options Trading Application, Q4 Approval Likely?

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Ethereum Options Expiry

A total of 206,000 ETH options are set to expire today with a put-call ratio of 0.96, a notional value of $560 million, and a max pain point of $2,950. The put-call ratio close to 1 shows that it’s a tight fight between the bulls and the bears.

Courtesy: Deribit

In the last 24 hours, the Ethereum price has witnessed a strong rebound jumping 10.70% and shooting at the way to $2,700. As per the technical charts, ETH can further extend a rally to $2,820.

The Ethereum ETFs were showing major strength during the market collapse, however, have been seeing outflows as the market revived in the last two days.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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