Today marks the expiration of over $2 billion in Bitcoin (BTC) and Ethereum (ETH) options, sparking curiosity among investors about the market’s direction following the recent approval of a Bitcoin ETF. With 36,000 Bitcoin options contracts expiring, the impact on the market could be significant compared to last week’s $1 billion expiration event.
Bitcoin options dominate today’s expiry with a nominal value of approximately $1.68 billion and a put/call ratio calculated at 0.9. The market shows a balanced distribution of bullish and bearish sentiments with long and short contracts. The minimum price level for Bitcoin is identified at $45,000.
Data from Deribit draws attention to a $50,000 price level, where $1.2 billion worth of call options indicate a significant interest gap, stirring excitement among investors. Derivative traders predict that the BTC price might reach this level by the end of January.
Other data from Greeks Live focuses on Bitcoin spot ETF approvals and notes that the week has passed as expected, despite the market being swayed by fake news and last-minute reports. Greeks Live also mentions a reduced likelihood of volatility due to the absence of the anticipated price surge.
In addition to Bitcoin, Ethereum options are also expiring today, with 262,000 contracts valued at $680 million and a put/call ratio of 0.64. The potential floor price for Ethereum options is $2,400, slightly below the current spot price, with Deribit data showing open interest concentration at $2,500 and $3,000 levels.