Key Points
- 21,000 Bitcoin options and 350,000 Ethereum options are set to expire today, May 24.
- BTC is trading above $67,000 and Ethereum trades above $3,600.
The latest reports from Greeks.live via X reveal that 21,000 Bitcoin options are about to expire with a Put Call Ratio of 0.88 Maxpain point of $67,000 and a notional value of $1.4 billion.
Also, 350,000 Ethereum options are about to expire with a Put Call Ratio of 0.58, a Maxpain point of $3,200, and a notional value of $1.3 billion.
According to the same notes, ETH took over the BTC rally inspired by the ETF progress, and there was a one-day 20% rise in price. The short-term option IV reached 150% at one point, much higher than the current IV of Bitcoin for the same period.
Now, the divergence between BTC and ETH is obvious, from the Block trading and market trading structure. ETH’s bullish sentiment is still strong, but it’s difficult to maintain a high level of IV for each major term. Calendar spreads will be a better choice, according to Greeks.live.
Bitcoin is now more balanced between long and short, and the selling call forces are stronger.
BTC is trading above $67,000, and ETH trades above $3,600
BTC is currently trading above $67,000, as the price saw a correction from the other day when it traded near $70,000.
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BTC’s price has seen a correction following bullish moves that debuted during the past week, on May 15, after the CPI report came out showing an eased inflation for April of 3.4%. Ahead of the current correction, the coin was surrounded by bullish sentiments.
At the moment of writing this article, ETH is priced above $3,650.
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ETH’s price also saw bullish moves during the past few days in anticipation of the SEC’s decision regarding the approval of Ethereum ETFs. The coin reached close to $4,000 on May 23, ahead of a price correction today, near $3,600.
A few hours ago, the US SEC approved the listing of Ethereum ETFs. The regulator signed off on a proposal by exchanges including Cboe Global Markets, NYSE, and Nasdaq to list products tied to ETH.
