Big news in the crypto world as around 58,000 Bitcoin options contracts are set to expire today, valued at approximately $4.7 billion. This expiry event is bigger than usual due to the end of the month, but experts suggest the impact on spot markets might be minimal, as they’re currently feeling the effects of ongoing trade war tensions.
With a put/call ratio of 0.71, slightly more call contracts are expiring compared to puts. The open interest remains high at the $120,000 strike price, totaling $1.5 billion, followed by significant interest at the $100,000 and $110,000 levels. Market sentiment appears bearish, with many traders eyeing the critical support level of $82,000, which has now been breached.
Recent technical analysis indicates that if the price closes below the 2024 volume weighted average price bands, it could trigger a further drop to the $77,000 to $72,000 range. Notably, 526,000 Ethereum contracts worth $1.14 billion are also expiring today, bringing the combined total of crypto options expiry to around $5.8 billion.
As for the market’s performance, total capitalization has seen a 6% drop, dropping to $2.76 trillion. Bitcoin has fallen to $80,200, marking a significant loss of 18% in just a week, its lowest point since November 10. Ethereum has also struggled, falling to $2,150, a level not seen in over a year.
The altcoin market is experiencing a similar decline, with most assets reflecting a sea of red at this moment. Keep an eye on these developments as they continue to unfold.
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