On January 8, Deribit released the crypto options expiry data in a volatile market. The crypto market is down by more than 2.6% in the past 24 hours, with a market cap of over $3,07 trillion.
Deribit's crypto options expiry details
Deribit revealed that over $2,22 billion in Bitcoin and Ethereum options will expire on January 9, at 08:00 (UTC), marking the first crypto options expiration of the year.
$1,84 billion in Bitcoin options will expire with a Put/Call Ratio of 1.05, and a Max Pain Point of $90,000, near BTC's current price.
$384 million in Ethereum options are set to expire tomorrow, with a Put/Call Ratio of 0.89 and a Max Pain Point of $3,100, also near ETH's current price.
If spot prices for the assets hold above the Max Pain Points, dealers could be more reactive to upside continuation.
On January 8, both BTC and ETH are trading in the red.
BTC and ETH price actions on January 8
At the moment of writing this article, BTC is trading above $89,900, down by over 2% in the past 24 hours.
BTC price declined from over $92,000 levels on January 7, reaching current lows.
On January 7, the US-based BTC ETFs recorded their second day of outflows above $486 million, with Fidelity's FBTC seeing the biggest outflows above $247 million, SoSoValue data shows.
At the moment of writing, ETH is trading above $3,090, down by over 3.5% in the past 24 hours, being a weaker performer compared to BTC as of now.
ETH price dropped from over $3,222 on January 7, reaching current lows.
Institutional interest in ETH was also paused, and the ETH ETFs saw their first day of outflows on January 7, above $98,4 million, following three days of inflows, according to SoSoValue.
Meanwhile, SOL ETFs continued their streak of inflows, showing consistent interest from institutions.
Crypto liquidations in the past 24 hours amassed over $477 million, with most positions in longs (over $432 million). BTC saw over $135 million in liquidations and ETH, over $117,8 million. Coinglass data shows that over 138,770 traders were liquidated in the past 24 hours.
However, the markets should soon rebound, amidst rising global adoption.
Reasons for optimism
As we've recently reported, institutional interest in crypto from new huge players in TradFi is on the rise. Morgan Stanley has recently filed applications with the SEC for BTC, ETH, and SOL ETFs, boosting competition in the sector.
Also, crypto adoption is rising for retailers as well, following the latest Walmart support for crypto payments in-store via OnePay.
Clearer crypto regulation is expected to be implemented in the US this month via the CLARITY Act. Recent reports have highlighted that crypto finally gets a Rulebook via CLARITY, and a new comprehensive federal framework for crypto is set to come.
These are the main reasons to stay optimistic regarding rising crypto adoption globally and upcoming bullish moves.
