Bitcoin, Ethereum face $2.3 billion Options Expiry

options contracts worth about $2.3 billion are set to expire on Friday, 3 May. According to Deribit Exchange, the Bitcoin options are valued at $1.35 billion. ETH contracts, on the other hand, are worth $990 million. The value of these contracts seems to be lower than the figure AMBCrypto reported last week – $9.3 billion.could be attributed to the price action of both cryptocurrencies. For most of the week, BTC and ETH recorded severe declines before recent appreciation.

At the time of writing, Bitcoin’s put/call ratio was 0.50. This ratio gauges the overall market mood. A PCR higher than 1 suggests that traders are buying more puts than calls— A sign of bearish sentiment.However, if the PCR is lower than 0.70, it implies more calls than puts, meaning that the broader sentiment is bullish. Simply put, the reading suggests that traders expect Bitcoin to end the week stronger than how it started.

For Bitcoin, the maximum pain point was $61,000 on the charts. This means that if Bitcoin drops to this price, most options traders will In Ethereum’s case, its PCR was 0.37, implying that there were more bullish bets than bearish ones. The maximum pain point for ETH was $3,000. As such, traders might need to hope that the altcoin tradesAt press time, both Bitcoin and Ethereum were valued at levels below the max pain point. If this remains the case by the time the contracts expire, the day could be a “red one” for many traders.

There are a few reasons why BTC and ETH might end the week on a bearish note. Greeks.live, the notable Options trading handle on X,“The Hong Kong ETF listing failed to bring much incremental volume, the US BTC ETF continued to flow out, the weakness of the market led to weakening market confidence. The current point of sustained sideways trading is unlikely, no rebound is bound to be a downward relay, the giant whale on the lack of confidence in the market.

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