Data reveals that staggering $2.33 billion worth of options between BTC and ETH set to expire
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298,415 ETH options are about to expire with a Put Call Ratio of 0.42, Maxpain point of $3,125 and a notional value of $930…slipped toward the $60,000 mark, while Ethereum fell toward $3,000. This downturn led to shorts registering their most significant and sustained gains of the year. One of the contributing factors to this downturn is the sharp decline in Implied Volatilities across major terms. This decline can be attributed primarily to a substantial drop in call option prices. The market's anticipation for Saturday's Bitcoin halving had previously buoyed prices. However, it seems that this expectation is no longer sufficient to support the market.
The prevailing sentiment on the market appears to be more subdued, particularly with the recent deceleration in spot ETF inflows. Despite a minor crypto rally today, the actions of major market whales continue to signal a lack of confidence.
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