On Friday, June 20, about 34,000 Bitcoin options contracts worth approximately $3.3 billion will expire. This event may influence market sentiment.
Overview of Bitcoin Options Expiry
This tranche of Bitcoin options has a put/call ratio of 1.16, indicating more short positions. The maximum pain point is at $106,000, which is $1,500 above current spot prices. Open interest at strike prices between $115,000 and $140,000 exceeds $1.7 billion.
Market Sentiment on Options
According to crypto derivatives provider Greeks Live, there is a "predominantly bearish sentiment" in the market. Traders are maintaining short positions while monitoring key support levels. "There’s significant concern about altcoins being 'dead' if $104K is lost," analysts noted.
General Overview of the Crypto Market
Total market capitalization has fallen 2% to $3.37 trillion but remains within a defined range established in early May. Bitcoin has stayed flat over the past 24 hours, slightly dipping to $104,600. Ethereum prices also remain stable above the support level at $2,500.
The expiry of $3.9 billion in combined Bitcoin and Ethereum options is not expected to significantly impact overall market trends; however, the prevailing bearish sentiment suggests a cautious approach among traders.
