Bitcoin and Ethereum prices showed slight declines despite the options expiry and large investor sell-offs. Analysts remain optimistic about potential future gains.
$3 Billion in Bitcoin Options Set to Expire
Over 27.5K Bitcoin options with a notional value of $3 billion are set to expire. The max pain price was $106K, indicating a possible price correction for Bitcoin. Traders may adjust their positions, which could lead to increased volatility. At the time of writing, the put-call ratio was higher at 1.06, suggesting a bearish sentiment among traders.
$0.6 Billion Ethereum Options Expiry
237K Ethereum options with a notional value of $0.6 billion are expiring today. The max pain price was at $2,500, indicating potential selling pressure on ETH. Moreover, the put-call ratio was significantly higher at 1.26 at the time of writing, reflecting bearish sentiment among traders.
Market Analysis: Bulls on Bitcoin and Ethereum
Despite current price declines, analysts remain upbeat about Bitcoin and Ethereum. Reports suggest Bitcoin could reach prices above $135K in the coming months while Ethereum aims for the $3,000 target. Analysts note that historically, July has been favorable to Bitcoin, and anticipate that buying interest will resume post-options expiry. Specifically, should Bitcoin surpass $111K, it may confirm a rally above $112K.
Currently, Bitcoin and Ethereum prices are under pressure, but many analysts forecast possible increases in the near future following options expiration and potential institutional buying.