Bitcoin and Ethereum have experienced price declines as the market prepares for a $3.1 billion options expiry, raising concerns among traders.
Overview of Options
According to data from Deribit, Bitcoin accounts for $2.66 billion of the total options expiry, with a Put/Call ratio of 0.99 and a max pain point at $100,000. Ethereum, on the other hand, accounts for $525 million, leaning more bearish with a Put/Call ratio of 1.24 and a max pain point of $2,200.
Current Prices of Bitcoin and Ethereum
At the time of writing, Bitcoin (BTC) is trading near $102,300, down 1.53%, while Ethereum (ETH) is at $2,552, marking a decline of 2.53% in the past 24 hours.
Market and Possible Fluctuations
Historical data from CoinGlass indicates that large options expiries have led to price swings of 5-7% in 60% of cases over the past two years. Deribit, which controls roughly 85% of the global BTC and ETH options market, plays a pivotal role in these dynamics. Traders are closely monitoring potential catalysts that could exacerbate price movements as they approach the weekend.
The decline of Bitcoin and Ethereum ahead of options expiry creates uncertainty among traders, who are anticipating possible market fluctuations in the coming days.
