The cryptocurrency market experienced a significant downturn overnight, leading to a 4% decrease in market volume, which fell to $1.61 trillion. The impending expiration of Bitcoin and Ethereum options created substantial selling pressure, resulting in the liquidation of $250 million in the last 24 hours. The Crypto Fear & Greed Index dropped from 63 (greed) to 56 (neutral).
Bitcoin’s price fell from $42,720 to $40,631, marking a 4% decrease. Major altcoins like Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) also saw declines between 3-7% within hours.
LUNC’s price dropped over 9% in 24 hours to $0.000113 after recent proposal failures. Investors had high hopes for a price surge following the anticipated listing of spot Bitcoin ETFs.
Today, Bitcoin options worth $890 million at a nominal value, equivalent to 22,000 BTC, are expiring with a put-call ratio of 1.1. The “pain point” for BTC is noted at $44,000, which is influencing selling pressures. Meanwhile, Bitcoin’s price has fallen by 4%.
Additionally, Ethereum options with a nominal value of $520 million, representing 211,000 ETH, are also expiring. The pain point for ETH is at $2,500, but the current price remains above the critical level of $2,469. ETH has also seen a 3% drop in the last 24 hours, reaching a low of $2,426.