Bitcoin (BTC), the largest cryptocurrency globally, experienced an impressive price surge this week, reaching a peak of $64,000. Subsequently, there has been a retracement, and the current Bitcoin price is at $61,158, accompanied by a market cap of $1.2 trillion. Today marks the weekly Bitcoin options expiry, with traders anticipating potential volatility in the near future.
The expiration of Bitcoin options suggests a significant trend in the market.
As the expiration date for cryptocurrency options draws near, significant developments unfold in the market landscape. A total of 19,000 Bitcoin (BTC) options, amounting to a notional value of $2 billion, are poised to expire, with a collective notional value of $790 million. The BTC options exhibit a Put Call Ratio of 1.49, and the Maxpain point is identified at $55,000 for BTC.
This information emerges against the backdrop of an eventful week in the crypto markets, characterized by Bitcoin’s surge to surpass $64,000 and a noticeable upward trend in major-term implied volatilities (IVs), reaching levels not seen since January 2024 and March 2023.
The bullish sentiment in the spot market is propelled by the remarkable gains of the Bitcoin ETF during this week. Despite modest increases in Bitcoin options volume and positions, buyers are increasingly adopting spot-protected strategies, contributing to a resilient market structure. Bitcoin currently holds over 50% of the total cryptocurrency market share, with expectations of attention shifting towards Ethereum as the bull market progresses, as reported by Greeks.Live.
Large Bitcoin (BTC) holders engage in a selling spree.
As per crypto analyst Ali Martinez, there has been a significant uptick in profit-taking activities among Bitcoin whales. In the past three days, they have unloaded more than 80,000 BTC, equivalent to approximately $4.8 billion. Investors and traders are advised to proceed with caution considering this development.
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Conversely, withdrawals from Grayscale’s GBTC ETF have resumed an upward trajectory this week, doubling each consecutive day. According to Farside investors’ data, GBTC outflows reached a substantial $600 million on Thursday, February 29. Despite this, the influx remains robust, with BlackRock’s IBIT leading by a significant margin. The overall inflow into spot Bitcoin ETFs as of Thursday amounted to $510 million.