On Friday, a large number of Bitcoin options and Ethereum options are expiring in what seems to be a tight fight between the bulls and the bears. Interestingly, a day before the expiry both – BTC and ETH entered a strong rally gaining 7% and 10% respectively.
Bitcoin Options Expiry
As per the data from Deribits, a total of 32,000 BTC options contracts are set to expire today with a put call ratio of 0.71. The notional value of the expiry is $1.943 billion while the max pain point of $60,000.
Courtesy: Deribit
The Yen rate hike last week induced severe volatility in the crypto market with the Bitcoin price dropping under $50,000 earlier on Monday. However, the Bank of Japan suggested a softer stand going ahead if the market instability escalates. This led to a strong recovery in the last four days, with BTC surging sharply by 20% currently trading at more than $61,000 levels.
Also, the implied volatility has decreased to a great extent but still remains higher than the pre-crash level
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