As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of market fluctuations and events that could make even the most steadfast investor sweat. Today, we have an interesting development unfolding in the cryptocurrency world, with a staggering $1.6 billion worth of Bitcoin and Ethereum options contracts set to expire.
On September 13, 2024, a grand total of approximately 1.3 billion dollars’ worth of Bitcoin (BTC) option contracts and an additional 298 million dollars’ worth of Ethereum (ETH) options will expire, potentially adding volatility to the cryptocurrency market.
As an analyst, I’m observing a significant event approaching: the expiration of contracts worth approximately $1.6 billion, containing 23,000 Bitcoins and 127,000 Ethereums. This impending occurrence could potentially spark heightened volatility in the upcoming days. Interestingly, data from Greeks.live indicates that the put-to-call ratio for Bitcoin options contracts stands at 0.87, implying a tilt towards put options. These options grant holders the choice, but not the obligation, to sell Bitcoins at a fixed price in the future, suggesting a potential preference for downside protection among investors.
According to the analysts, the price level where most Bitcoin options will likely expire without value is around $58,000. For Ethereum options, they mentioned that there are more put (selling) contracts than call (buying) ones, with a potential maximum loss point at approximately $2,400.
On September 13th, the following cryptocurrency options will be expiring:
— Greeks.live (@GreeksLive) September 13, 2024
Currently, Bitcoin is valued at approximately $58,200 following an increase of over 3.5% during the past week. This surge follows a substantial drop from around $64,000 towards the end of last month to below $53,000 early in September. However, after this decline, Bitcoin began to rebound.
The analysts pointed out that the “peak-pain level remains consistent with the current price,” and that September showed weakness, as anticipated, with Ethereum (ETH) being exceptionally weak compared to other digital currencies.
This week, it was noted by CryptoGlobe that holders of Bitcoin transferred approximately $750 million of the primary digital currency from centralized exchanges in a single day. This represents the largest daily net outflow of Bitcoin since May.
Previously, instances where large amounts of a commodity were withdrawn from the market have frequently resulted in price hikes. This is due to the fact that when the available quantity decreases on trading platforms, an increase in price can occur if the demand continues at similar levels or even grows.
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2024-09-13 17:37