Just-In: Crypto Market Remains Cold Amid $4 Billion Bitcoin And Ethereum Expiry

The crypto market remains dull and under influence of bears as top cryptocurrencies fail to attract traders’ interest. According to Deribit, nearly $2 billion in Bitcoin and $1.90 billion in Ethereum options are set to expire today, marking the monthly and quarterly expiry. In total, nearly $4 billion in options open interest will expire.

Bitcoin (BTC) price is trading sideways near the $19,500 level, struggling to surpass even the $20k level. The BTC price is up almost 1% amid the unfavorable macro and sentiments among traders. The 24-hour low and high are $18,924 and $19,997, respectively.

Ethereum (ETH) price fails to pick momentum and continues to trade above the support level at $1240. The ETH price is currently trading at $1,328, up nearly 1%. The 24-hour low and high are $1,293 and $1,360, respectively.

Bitcoin and Ethereum Price Under Pressure

According to crypto derivatives exchange Deribit, over $2 billion in BTC options are to expire today. The Bitcoin (BTC) price is under pressure amid expiry as the max pain for Bitcoin is $21.5k. Also, the put/call ratio is 0.66.

Therefore, it indicates the chances of surpassing the $20k level are bleak as bears have an overall near-term technical advantage over bulls. In fact, the possibilities of falling below $18,500 are higher due to the descending triangle pattern formation.

Meanwhile, almost $1.90 billion in ETH options are set to expire today. The max pain price for ETH is $1,500, pushing pressure on Ethereum amid expiry. Also, the put-to-call ratio is 0.53. The Ethereum price has failed to build momentum as whales and traders liquidated their holdings after the Merge.

Crypto Market’s Macro Outlook

According to recent data, August’s PCE inflation is higher than expected. It hits 6.2% against the expected 6.0%. The PCE has dropped a bit from last month, which was 6.3%. Also, the core is higher with 4.9% against the expected 4.7%. Bitcoin and Ethereum prices jumped over 3% percent from earlier gains after the PCE data.

Meanwhile, the U.S. dollar index (DXY) has declined from a high of 114.78 on Wednesday to 112. However, the crypto market and equities market continues to be under pressure despite a fall in DXY. While the Fed continues its monetary tightening to tame inflation, experts believe aggressive rate hikes risk global recession.