- Bitcoin trading volume is down 39% in the past 24 hours.
- 330,000 Ethereum (ETH) options contracts worth $1 billion are expiring.
As the crypto market continues to experience volatility, the options market is gearing up for a significant expiration event.
On May 2nd, 2024, 23,000 Bitcoin (BTC) options contracts with a notional value of $1.4 billion are set to expire. The Put Call Ratio for these options is 0.49, indicating a slight bearish sentiment, while the Max Pain point is $61,000.
Simultaneously, 330,000 Ethereum (ETH) options contracts worth $1 billion are expiring. The Put Call Ratio for these options is 0.36, suggesting a more bullish outlook, with a Max Pain point of $3,000. The expiration of these massive options positions could significantly impact the underlying cryptocurrency prices.
Adding to the market’s uncertainty, Bitcoin ETF net inflows have been negative for the past seven consecutive trading days, with the BlackRock iShares Bitcoin Trust IBIT experiencing zero inflows for the same period.
However, the ARK 21Shares Bitcoin ETF ARKB saw a $13.3 million inflow, bucking the broader trend. Bitcoin’s price has recovered from a two-month low, trading at $59,600 with a 4% surge, though trading volume remains down 39%.
Where is Bitcoin Riding Ahead?
Bitcoin is currently trading at $59.6K, experiencing a 4% surge after a prolonged bearish day yesterday when it hit a two-month low. The trading volume has decreased by 39%, and the price has recovered from $57,186.93 to $60,004. The daily RSI is at 37, showing a selling pressure. The bulls might take it to 64.7K and the bears could pull it down to $56560.
As the crypto market navigates these complex dynamics, investors and analysts will closely monitor the upcoming options expiration and its potential impact on Bitcoin and Ethereum prices.
