It’s the end of the week again, which means another batch of cryptocurrency options contracts are expiring as spot markets continue to slide once again.
About 27,600 Bitcoin options contracts will expire on Friday, April 3, with a notional value of about $1.8 billion. This event is smaller than usual, so it is unlikely to have any impact on the spot markets.
Cryptocurrency prices have been mostly sideways this week, with overall market cap falling on Friday.
Bitcoin options expiration
This week’s pool of Bitcoin options contracts has a call/sell ratio of 0.54, meaning there are significantly more buy trades than sell trades expiring. The pain cap is around $68,000, according to Coinglass, which is close to current spot prices, so a lot of it could be in the money at expiration.
Open interest (OI), or the value or number of Bitcoin options contracts that have not yet expired, remains at a high at the $60,000 strike price on Deribit, with $1.5 billion in bearish bets.
Total BTC options OI decreased across all exchanges after the end of the first quarter Expiry The event is currently 31 billion.
Bitcoin put (short) options are more expensive than those on Ethereum across multiple time frames, suggesting that traders are more concerned about the downside risk of Bitcoin. male Dearbit this week.
In addition to today’s pool of Bitcoin options, there are about 157,000 Ethereum contracts expiring as well, with a notional value of $322 million, maximum pain at $2,100, and a call/sell ratio of 0.73. The total ETH OI options across all exchanges is approximately $6.3 billion.
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This brings the total notional value of cryptocurrency options expiration to about $2.1 billion in a small expiration event this week.
Real time market forecast
Total capitalization was flat on the day at $2.37 trillion during Friday morning trading in Asia. Markets were looking forward to a recovery until President Trump arrived He pointed out Air strikes continued for another two to three weeks in Iran, spooking investors and leading to another sell-off. Bitcoin topped $67,000 in late trading on Thursday, but was unable to hold it, falling to $66,600 at the time of writing.
“The level of supply in the P&L is now reaching levels typical of a true bear market.” Notice CryptoQuant “Darkfost” Analyzer.
Ether prices have been falling all week, falling to $2,000 yesterday, and trading at $2,050 on Friday morning. More reminders that most altcoins are in bear market bottoms aren’t really necessary.
Analyst Daan Crypto Trades said that Bitcoin has not yet reached new lows during this struggle, as the previous drop to $60,000 has not been retested yet.
“So, as cryptocurrencies sold off on their own from October to February, they have remained relatively stable so far during this struggle.”
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