Key Points
- According to Deribit, $1.26 billion Bitcoin options and $0.36 billion Ethereum options expire today.
- BTC is trading above $67,000 and ETH is priced above $2,600.
According to Deribit, today, approximately $1.62 billion in crypto options are set to expire, amidst an optimistic market.
Official data shows that Bitcoin options will expire with a notional value of $1.26 billion, a Put Call Ratio of 0.79, and a Max Pain point of $64,000.
Also, Ethereum options will expire today, with a notional value of $0.36 billion, a Put Call Ratio of 0.61, and a Max Pain point of $2,500.
Today, BTC and ETH options data comes following a crypto rally led by Bitcoin this week, fueled by continuous inflows in the US-based BTC ETFs and rising odds for a Donald Trump election win.
Bitcoin Trades Above $67,000
At the moment of writing this article, BTC is trading above $67,700, up by almost 1% in the past 24 hours.
BTC began an ascending trend on October 11, when the coin surged from levels below $60,000 to prices close to $63,000.
BTC Rally Catalysts
The coin continued a stronger rally following the past weekend which was marked by important events related to Donald Trump, involving the prevention of a potential 3rd assassination of the former US President at a rally in California.
This week, BTC's rally was fueled by rising chances of a Trump win in the upcoming 2024 elections. On October 16, his chances surpassed 60% on Polymarket, while Kamala Harris' odds dropped below 40%.
Bernstein analysts recently highlighted the strong correlation between Bitcoin's October surge and Trump's rising odds at a new US Presidency.
Bitcoin's price surge has also been sustained by the continuous inflows in BTC ETFs that started last week, on October 11. This week alone, the crypto products neared inflows of almost $2 billion, with BlackRock's IBIT, surpassing the $1 billion level since October 14.
Sentiment around Bitcoin continues to remain positive, as the coin surged 11% in the past week, and markets seem to be pricing in a potential Trump win. Ethereum also performed well this week, kicking off a notable rally.
Ethereum Trades Above $2,600
Regarding the price of Ethereum, at the moment of writing this article, ETH is trading above $2,600, up by 1% today.
In the past week, ETH also recorded a surge in price starting October 14, when the coin reached prices of over $2,600.
ETH ETF Inflows of the Week
Unlike BTC ETFs which recorded only inflow days this week, ETH ETFs had a single outflow day on October 15, when the crypto products recorded $12.7 million in outflows. Apart from this, ETH ETFs saw inflow days as follows:
- On October 17, ETH ETFs recorded $48.4 million in inflows.
- On October 16, ETH ETFs recorded $24.2 million in inflows.
- On October 14, ETH ETFs saw $17 million in inflows.
Generally, ETH ETFs' performance is considerably weaker compared to the ones of Bitcoin ETFs in the US.
The crypto markets will probably experience high volatility in the upcoming days, considering that we're less than three weeks ahead of the US elections scheduled for November 5, but the overall sentiment around Bitcoin remains optimistic.
