Key Points
- Greeks.live reveals that 23k Bitcoin and 330k Ethereum options are set to expire today.
- Bitcoin is trading above $59k, up by almost 3% on CoinMarketCap.
The latest notes coming from Greeks.live report that 23k Bitcoin and 330k Ethereum options are about to expire today.
The BTC options have a Put Call Ratio of 0.49, a Maxpain point of $61k, and a notional value of $1.4 billion.
The Ethereum options expire with a Put Call Ratio of 0.36, a Maxpain point of $3,000, and a notional value of $1 billion.
The team behind the trading tool highlighted that the crypto market continued to fall during this week, with Bitcoin dropping around the $60k mark, which signifies a new low since March.
Also, they brought up the Hong Kong ETF listings that failed to bring much incremental volume. The US BTC ETF continued to flow out and the weakness of the overall crypto market has led to weaker market confidence.
The IV of all major terms also continued to decline, with the current IV level being the average water mark of the winter bull market, with some support. Greeks.live notes that the current buying is a good choice.
The current point of sustained sideways trading is unlikely, according to them and no rebound is bound to be a downward relay. There seems to be a lack of confidence in the market, they note, while Block trading is worth strengthening attention.
May 3 Options Data
23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion.
330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1… pic.twitter.com/mEA4PV98C3— Greeks.live (@GreeksLive) May 3, 2024
Bitcoin is trading above $59k
At the moment of writing this article, Bitcoin is trading a little above $59k, up by almost 3% in the past 24 hours on CoinMarketCap.
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Bitcoin’s price dropped to its lowest levels in more than two months as May kicked off. The digital asset dipped to a little above $56,500, ahead of making a comeback.
Investors’ attention has been focused on the decision regarding the interest rates coming from the Federal Reserve. The Fed left the rate uncut following a meeting on Wednesday afternoon.
Bitcoin’s seasonality seems to have begun, but this time, the price trajectory for the upcoming months will be influenced by the two important catalysts – the Bitcoin ETFs and the Runes Protocol that launched on the same day as BTC’s halving event, April 20.
