- As of now, Bitcoin is trading at $40,840 with a market value of $782 billion.
- 94,000 Bitcoin options are set to expire, featuring a 0.51 Put-Call Ratio, a Max Pain point at $41,000, and a nominal value of $3.75 billion.
- Currently, there is optimism around the planned Bitcoin halving in 2024, and analysts predict a new bullish run to follow.
More than 90,000 Bitcoin options are expiring today: Current data on options and warnings for Bitcoin price!
Bitcoin Options Expiring Today
Following the approval of the spot Bitcoin ETF earlier this month, today marks the monthly expiration of Bitcoin options. Post-approval, Bitcoin prices have typically remained volatile, experiencing strong selling pressure and dropping below $40,000. As of now, Bitcoin is trading at $40,840 with a market value of $782 billion.
GreeksLive, a platform focusing on option data, has provided insights into the January 26 option data for Bitcoin (BTC). Approximately 94,000 Bitcoin options are expiring, featuring a 0.51 Put-Call Ratio, a Max Pain point at $41,000, and a nominal value of $3.75 billion.
For Ethereum (ETH), 932,000 options are set to expire, with a 0.31 Put-Call Ratio, a Max Pain point at $2,300, and a nominal value of $2.07 billion. The crypto market has shown weak performance this week, with particular attention to the recent Grayscale sale directly tied to the launch of the Bitcoin Spot ETF.
Ongoing volatility reduction, decreasing long-term implied volatility, and some short-term IVs falling below the 40% threshold are noticeable trends. The Put-Call Ratio (PCR) has sharply dropped, indicating a diminishing upward trend characterized by more traders selling calls and fewer actively participating in calls.
Options expiring today, accounting for over 30%, may contribute to the release of margin during this period, and there is an expectation that it could once again impact IV, contributing to the return of Bitcoin’s option term structure.
Bitcoin Price Movements in 2024
After the approval of the Spot ETF, Bitcoin prices moved downward, and analysts anticipate a drop below $35,000 before the cryptocurrency continues its next bullish run. Currently, there is optimism around the planned Bitcoin halving in 2024, with analysts predicting a new bullish run to follow.
However, some market analysts advise caution. Bloomberg’s senior commodity strategist, Mike McGlone, predicts that Bitcoin will likely outperform the risk-adjusted performance of the stock market in 2024, while gold might perform even better.
Despite positive sentiments around the approval of Spot Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving, McGlone emphasizes that macroeconomic factors could hinder the ability of cryptocurrencies to reach new all-time highs in 2024. McGlone suggests that market expectations for a potential interest rate cut by the US Federal Reserve, typically seen as a factor supporting risky assets like Bitcoin, might be misunderstood.
