Ethereum Options Expiry: 500K Contracts Set to Expire Today, What's Ahead?

Highlights

The Ethereum options expiry has a max pain point of $3,300 with put-call ratio showing optimism.
Over the last two days, 113,119 Ether have entered crypto exchange Coinbase amid Ether ETF outflows.
ETH price seems to be on the path to recovery surging over 3% from yesterday's lows.

With the Ethereum price showing strong volatility surrounding the approval of the spot Ethereum ETF, investors are keenly watching the moves with Ethereum options expiring later today. As of press time, Ethereum has recovered 3% from yesterday’s lows and currently trading around $3,250.

Ethereum Options Expiry

As per the data from derivatives platform Deribit, a total of 499,811.00 Ethereum options are set to expire today with a notional value of $1.622 billion and a max pain point of $3,300. Here, the max pain point refers to the price that can inflict the most discomfort to the option holders.

On the other hand, the Deribit data shows that the put-call ratio is 0.46. This shows that there’s a strong dominance of the purchase (call) options over the sell (put) options. Thus, the current put-call ratio highlights that traders prefer purchasing options instead of selling them, highlighting broader market optimism.

The Ethereum price has bounced back to $3,250 amid the broader market recovery earlier today. A day before the ETH price crashed all the way to its crucial support of $3,150 in what seems to be the sell-the-news event after the spot Ethereum ETF approval. The spot Ether ETFs have registered two consecutive days of outflows with Grayscale’s ETHE bleeding heavily.

Also Read: Ethereum Price Struggles Post ETF Launch As Meme Coins Outperform ETH YTD

Buy the ETH Dips?

As said, the Ethereum price has seen strong selling pressure after the ETF trading went live earlier this week. Analysts say that Ethereum is showing exactly the same behavior as Bitcoin after the approval of Bitcoin ETF in January.

The Bitcoin price remained low for nearly two weeks until it resumed its journey to a new all-time high. As per market analysts, Ethereum is likely to follow a similar move and start the uptrend by the end of August.

Looking at the on-chain data from CryptoQuant, over 160,930 have entered crypto exchange Coinbase in the last two days. Although there have been 47,811 ETH outflows in the same period, the net flow of 113,119 Ether continues to put selling pressure on the altcoin.

“The Ethereum Netflow data may be a leading indicator of whether Grayscale’s Spot ETF, ETHE, will continue to exert selling pressure for a while longer,” noted a Cryptoquant analyst.

After the approval of the Spot ETF, 160,930 #Ethereum entered Coinbase in 2 days

“The $ETH Netflow data may be a leading indicator of whether Grayscale’s Spot ETF, ETHE, will continue to exert selling pressure.” – By @burak_kesmeci

Read more 👇https://t.co/qTBHH0OVA9 pic.twitter.com/A0132i8Q1x

— CryptoQuant.com (@cryptoquant_com) July 26, 2024

Bitcoin Options Expiry

Data from Deribit shows that 265,717.50 Bitcoin options are set to expire today with a notional value of $18.6 billion and a put call ratio of 0.44 showing further optimism going ahead. In the last 24 hours, BTC has recovered by 5% moving back above $67,000 amid optimism surrounding the recent Bitcoin Conference.

Also Read: Peter Schiff Calls Out Trump For Endorsing Bitcoin

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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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