On February 5, Deribit released the Bitcoin and Ethereum options expiry data, amidst a very volatile market. The crypto market is down by over 7% in the past 24 hours, with a market cap of $2.37 trillion, and the CMC Fear and Greed Index indicates Extreme Fear.
Deribit's BTC and ETH options expiry details
Deribit revealed that over $2.5 billion in crypto options expire on February 6, at 08:00 (UTC) on the platform.
$2.15 billion in BTC options are set to expire with a Put/Call Ratio of 1.42, and a Max Pain Point of $82,000, significantly higher than BTC's current price.
Also, $408 million in ETH options will expire with a Put/Call Ratio of 1.13 and a Max Pain Point of $2,550, also higher compared to the digital asset's current price.
Bitcoin and Ethereum price actions
Both digital assets recorded sharp price drops today, following a longer period of decline.
BTC price trajectory
At the moment of writing this article, BTC is trading above $69,000, down by 8.5% in the past 24 hours.
BTC price dropped from over $76,000 levels on February 4, reaching prices that haven't been seen since 2024.
The digital asset's price drop is fueled by multiple factors, including crypto liquidations and BTC ETF outflows.
It's also worth noting that commodities experienced price declines on January 5, with spot silver prices dropping by over 12% today.
In the past 24 hours, over $1.07 billion in crypto were liquidated, with more than $905 in longs and almost $166 million in shorts. Over $531 million in BTC were liquidated, mostly long positions, almost $470 million, according to CoinGlass data.
Insitutional interest in BTC declined since February 2, when BTC ETFs recorded a day of inflows at almost $562 million. On February 4, the crypto products saw outflows of almost $545 million, with BlackRock's IBIT seeing the biggest outflows above $373 million, SoSoValue data shows.
ETH price trajectory
At the moment of writing this article, ETH is trading above $2,050, down by more than 7.6% in the past 24 hours.
The digital asset's price dropped from over $2,200 levels on January 4. Yesterday, ETH ETFs also saw outflows of over $79 million, following a day of inflows above $14 million.
Optimism around Bitcoin remains strong
Meanwhile, amidst the huge recent FUD in the crypto market, Binance continues to buy Bitcoin for its SAFU fund, after recently announcing its support for BTC as the core asset of the crypto ecosystem.
Recently, JPMorgan highlighted that BTC is a more attractive investment compared to gold in the long term, noting the digital asset's volatilty relative to gold has dropped to a record low.
We'll have to see how the market reacts following tomorrow's options expiry and whether institutional interest in BTC recovers.
