$1.62 Bln Bitcoin & Ethereum Options Expire Today: Will Prices Soar or Drop?
The post $1.62 Bln Bitcoin & Ethereum Options Expire Today: Will Prices Soar or Drop? appeared first on Coinpedia Fintech News
The crypto world is on high alert as $1.62 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts are about to expire this Friday. Bitcoin has recently reached the strong $68,000 mark, suggesting the start of a possible bull run, especially with October being a historically good month.
However, with this huge expiration coming up, traders are anxious, wondering if the market will rise to new highs or see a slight correction.
$1.62 Billion Options Expires Today
Today, a total of 18,583 Bitcoin options contracts are expiring, according to Deribit data. However, the current put-to-call ratio is at 0.86, showing a mix of bullish and bearish sentiment among traders.
While, the maximum pain point for Bitcoin, where most options are likely to expire worthless, is set at $64,000. This is about $4,000 above Bitcoin’s current price of $68,025, hinting at possible turbulence in the market.
For Ethereum, 140,320 contracts are also nearing expiration, with a put-to-call ratio of 0.62 and a maximum pain point of $2,500. The surge in expiring contracts indicates increased market activity, but the mood appears a bit bearish as the deadline approaches.
Will Bitcoin Soar to New Heights?
Despite the uncertainty, there’s a silver lining for Bitcoin. Data shows that US corporate investors on the Chicago Mercantile Exchange (CME) have pushed up BTC investments to a record $11.6 billion this week.
Plus, bullish signals from technical indicators are raising hopes that Bitcoin could be on the verge of breaking new ground. Analysts believe that both Bitcoin and the wider market are looking for a strong push that could help the leading cryptocurrency to hit a new all-time high of $75K.
