This week, over 41,500 Bitcoin options are set to expire, with a notional value of around $5 billion. This event is larger than last week's expiry but is unlikely to significantly impact spot markets.
Bitcoin Options Expiry
The expiration of Bitcoin options is scheduled for July 18. The current put-call ratio stands at 0.69, indicating more calls are expiring than puts. The max pain point is identified at $113,000, approximately $7,000 below current spot prices. Open interest at $120,000 amounts to over $2.3 billion, highlighting bullish sentiment among traders.
Overview of the Crypto Market
The crypto markets have shown active behavior this week, despite the legislative chaos in the US, where the GENIUS and CLARITY Acts were passed. Bitcoin has retraced to $120,700, while Ethereum has surged by 8% to reach $3,600. XRP has also hit an all-time high of $3.64.
Crypto Market Outlook
Market sentiment remains cautious, with some traders expressing concerns about short-term volatility. The bearish sentiment among traders according to Greeks Live indicates a focus on put-selling strategies. With the upcoming expirations of options, market uncertainty persists.
The total crypto market capitalization has hit $4 trillion, and the upcoming options expirations may impact this growth. However, the major cryptocurrencies show resilience so far.
