Bitcoin price continues to make new all-time highs, triggering a splendid crypto market rally and causing Ethereum price to surpass $3,000 psychological level. Traders now await over $5 billion in crypto options to expire today for cues on market direction in the coming days.
37,000 BTC options with a notional value of $4.35 billion are set to expire on July 11, according to Deribit data . The max pain price is at $108,000, significantly lower than the market price of Bitcoin. At the time of writing, the put-call ratio is 1.07, suggesting traders are betting for more puts than calls.
However, the call volume has doubled the put volume in the last 24 hours, with a put-call ratio of 0.53. This happens as Bitcoin price hit an ATH of $118,410, even surpassing Matrixport’s Bitcoin price target for July.
Bitcoin Options to Expire. Source: Deribit
Moreover, 240,000 ETH options with a notional value of $710 million are to expire today. The max pain price is at $2,600 and a pull-call ratio is 1.12, indicating bearish sentiment among derivatives traders.
In the last 24 hours, traders have bet more calls than puts as Ethereum price surpassed $3,000. The put-call ratio was 0.52 at the time of writing. Market sentiment has improved and ETH implied volume fell slightly to 60%, as per GreeksLive.
Ethereum Options to Expire. Source: Deribit
“The last two weeks have seen a very large block of call trades, mainly building and moving positions after quarterly delivery,” GreeksLive added. The options market is far from FOMO and institutional investors are very muted.
At the time of writing, BTC price is trading nearly 7% higher at $118,200. Experts predict Bitcoin price to hit as high as $135,000 before the start of the bear market. Whereas, ETH price is trading more than 8% higher at $3,020.
Also Read: Bitcoin Still Has Room to Run; MVRV Z-Score Signals Upside
