Assessing the Impact of the $1.86 Billion Bitcoin and Ethereum Options Expiration
Journalist
- Prices spiked in the days leading up to August 16, the options expiry date.
- Price action may stabilize from now on, but bears are still in control.
Bitcoin data [BTC] Ethereum [ETH] The options expiry on Friday, August 16 is very interesting. BTC price dropped $61,800 in just one day on Wednesday, August 14.
The market price action stabilized somewhat due to the options expiry. Despite this, technical indicators and liquidity charts suggested that a downward move was possible.
Options expiry data offers a market outlook
Deribit data (via Coingape) has shown that both Bitcoin and Ethereum were on the bearish side of the market. Before Friday’s expiry, BTC’s notional value was $1.414 billion.
The put to call ratio of 0.83 showed that market sentiment was slightly positive but trending towards a balanced mood. The biggest pain point was at $59,500, where most options expire worthless.
Thursday’s price drop below $58,500 was not reversed.
Ethereum options expiry totaled $476.7 million, and with a similar put/call ratio to BTC ,the market was only marginally optimistic.
ETH remained below $2,610 withthe biggest pain point at$2 ,650 .
BTC AND ETH WERE UP O.B % AND O.A % RESPECTIVELY AT PRESS TIME ON FRIDAY FOLLOWING THE MASSIVE OPTIONS EXPIRY THAT CAUSED VOLATILITY AND A SLIGHT PRICE DROP LATE THURSDAY EVENING.
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