Key Points
- 69,000 Bitcoin options and 920,000 Ethereum options expired today.
- BTC is trading at $68,000 and ETH is trading above $3,700.
The latest reports coming from Greeks.live reveal that 69,000 Bitcoin options and 920,000 Ethereum options expired today, May 31.
The platform notes that the BTC options expired with a Put Call Ratio of 0.37, a Maxpain point of $66,000, and a notional value of $4.7 billion.
The ETH options expired with a Put Call ratio of 0.46, a Maxpain point of $3,300, and a notional value of $3.5 billion.
The crypto market was slightly flat this week, and this year’s month of May has been arguably the best-performing May in recent years. ETH has seen a 20% one-day gain, and the bull market is reportedly far from over with an optimistic sentiment.
According to the same reports, the divergence between BTC and ETH is now obvious, and BTC IV of all major terms has fallen to the level of the market and it is colder.
ETH stall maintains a high level, and selling ETH to buy BTC to make cross-currency IV difference is a good strategy, with the ETH IV downward pressure.
BTC trades at $68,000 and ETH trades above $3,700
Bitcoin is currently trading near the important mark of $68k, up by almost 1% in the past 24 hours.
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BTC has been recently surrounded by optimistic price predictions, with the coin seeing a strong consolidation below the $69k mark.
More crypto analysts and traders expect BTC to reach new ATHs soon, saying that the current low price volatility around the previous highs is a healthy price action.
Also, CryptoQuant CEO Ki Young Ju has recently drawn parallels between the current state of the Bitcoin market and the trends observed in mid-2020.
Today, the US is expecting important macroeconomic data that could also affect BTC’s price. Despite the low price volatility, BTC has been seeing high on-chain activity and significant accumulation.
Ethereum is currently trading above $3,700.
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ETH’s price is also surrounded by optimistic predictions especially correlated with SEC’s moves regarding Ethereum ETFs. Today is the last day on which ETH ETF issuers can submit their amended S-1 forms.
