The Bitcoin market is set for a significant event this week: a $10 billion options expiry. Even amid price declines below notable levels, traders exhibit varying sentiments.
Key Events in the Cryptocurrency Market
This week sees an expiry of 80,000 Bitcoin options, valued at $8.36 billion, making it a major event due to the month's end. Despite the scale, the impact on the spot market isn't expected to be substantial. Many traders remain bullish, as indicated by the put-to-call ratio of 0.68. According to the Deribit report, after Bitcoin's price dipped below the $100k mark, short-term investors turned bearish, purchasing more put options, while long-term investors stayed optimistic, buying call options.
Broader Crypto Market Overview
In addition to Bitcoin, 600,000 Ethereum (ETH) contracts are also expiring with a put/call ratio of 0.43, valued at $1.95 billion. Combined, Bitcoin and Ethereum options expiry amounts to $10.3 billion. According to CoinMarketCap data, the broader crypto market remains neutral, with the total market cap up by 0.07% to stand at $3.56 trillion. Bitcoin, however, shows mildly bearish signs, down by 1.01% over the past 24 hours. At the time of writing, it's trading at $104,236.96, with a market cap of $37.53 billion.
Highlighted Crypto News
In the meme sector, the total market cap fell by 1.07% to $92.02 billion. Conversely, the AI sector rebounded sharply with a 2.35% increase, and its total market cap now stands at $45.07 billion.
The substantial options expiry event this week highlights the volatility and mixed sentiments in the cryptocurrency market. Investors continue to monitor price dynamics and evaluate their strategies in light of recent developments.
