About 23,000 Bitcoin options valued at roughly $1.4 billion would expire on May 3. This event will typically impact market sentiment. Despite recent crypto market dips, there’s been a slight recovery. However, Bitcoin remains below $60,000, leading to short-term bearish sentiment.
Bitcoin contracts, as of today’s big batch, may have a long/short ratio of 0.49. Of these expiring contracts, there are twice as many long (call) contracts as short (put) ones, indicating bullish bets. The maximum pain point, where most losses occur upon expiry, is $61,000, slightly above current prices.
Interestingly, according to Deribit, there’s a significant open interest in options with strike prices above $70,000, including a whopping $661 million at the $100,000 mark. While it’s unlikely Bitcoin will reach such levels soon, it shows bullish sentiment persists despite current market conditions.
This week’s debut of spot crypto ETFs in Hong Kong didn’t quite spark the surge in trading volume many had hoped for, according to insights from Greeks Live, a leading provider of crypto derivatives solutions.
Despite this, the commentary notes that US spot Bitcoin ETFs saw continued outflows, reflecting ongoing market dynamics.
In addition to the flurry of Bitcoin options expiring today, a substantial 330,000 Ethereum options are also reaching maturity, collectively valued at around $1 billion. This brings today’s crypto contract expiry event to a significant $2.4 billion in total value.
The put/call ratio for ETH options stands at 0.36, with a max pain point of $3,000, a level that has recently been regained.
