The crypto market faces rising volatility amid the anticipated expiry of options and the release of inflation data in the US.
$10B in Bitcoin (BTC) Options Expiry
On the largest derivatives exchange, Deribit, 92,000 Bitcoin options with a notional value of $7.7 billion are set to expire. The put-call ratio stands at 0.88, signaling potential price retracement. Over the past 24 hours, Bitcoin has dropped more than 2%, trading at $106,615.
$1.7B in Ethereum (ETH) Options Expiry
Additionally, 565,000 Ethereum options with a notional value of nearly $1.7 billion are set to expire. The put-call ratio is at 0.83, indicating prevailing bearish sentiment. Ethereum has fallen over 5% from its 24-hour high of $2,787.
Macro Factors Increase Sell-Off Risks
The U.S. PCE index, a key inflation measure, is expected to be released soon, with an annual rate anticipated at 2.2%. This could further exacerbate the risks for the crypto market. Amid these events, traders are showing caution, which is reflected in falling prices for Bitcoin and Ethereum.
The crypto market is under pressure due to the options expiry and forthcoming inflation data, creating an atmosphere of uncertainty and risk of significant price fluctuations.
