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- 23.000 Bitcoin options with a notional value of $1.4 billion are close to expiration today amid an extension of the broad market bearishness.
- According to the data, 334,248 Ether contracts with a notional value of $1 billion may also expire after the disappointing performance of the Hong Kong ETF.
Bitcoin (BTC) price made a marginal upward reversal of 1.8% in the last 24 hours after falling below the $60K price zone to reach $58K. Additionally, the monthly and year-to-date performance remains positive with returns of 36% and 33% respectively.
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Interestingly, the digital asset’s next move remains an open question with Greeks.Live reporting that 23,000 BTC options are on the verge of expiry.
According to the report, the options represent a notional value of $1.4 billion with the accompanying Put Call Ratio reported to be around 0.49 alongside a Maxpain point of $61,000. Similarly, 334,248 Ether contracts with a notional value of $1 billion will expire today. These contracts have a put-to-call ratio of 0.37 and a maximum pain point of $3,000. For beginners, Maxpain refers to the price at which the asset would cause financial loss to most of its holders.
May 3 Options Data. 23.000 BTC options will expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000, and a notional value of $1.4 billion. 330.000 ETH options will expire with a Put Call Ratio of 0.36, a Maxpain point of $3,000, and a notional value of $1 billion. The crypto market continued to fall this week, with BTC hitting the $60,000 mark, a new low since March.
May 3 Options Data
23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion.
330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1… pic.twitter.com/mEA4PV98C3— Greeks.live (@GreeksLive) May 3, 2024
Bitcoin struggles as Hong Kong ETF disappoints
The historical impact on the spot crypto market has always been short-term price volatility. Compounding the woes of the broad market and Bitcoin’s bearish condition is the failure of the Hong Kong ETF to add substantial volume.
According to a Crypto News Flash report, the Hong Kong Bitcoin and Ethereum spot ETF processed only $12.7 million in trading volume on its first day. The reason is reportedly related to the concentration of institutional investor interest on the US market. For Singapore-based crypto trading firm QCP Capital, these results were “very disappointing”.
On the other hand, the US spot Bitcoin ETF, on the other hand, greatly proliferated from consecutive outflows with $563.7 million withdrawn on May 1st. As stated by Greeks.Live, this situation has weakened market confidence and affected the Bitcoin price.
The listing of the Hong Kong ETF failed to bring much additional volume, the US BTC ETF continued to flow out, the weakening of the market led to the weakening of market confidence, the IV of all major terms also continued to decline, the current IV level is the winter bull market’s mean water mark, with some support, and the current purchase is a good choice. The current point of sustained sideways trading is unlikely, no rebound will be a downward relay, a giant whale due to the lack of confidence in the market, Block trading is worth strengthening.
