The cryptocurrency market is buzzing with excitement as Bitcoin and Ethereum, the top two digital assets, continue their impressive rally. In just the past 24 hours, these cryptocurrencies have surged by 3.0% and 5.8%, respectively. The catalyst behind this surge is none other than the US Federal Reserve’s recent decision to cut interest rates
However, today’s market is gearing up for a potentially game-changing event: a massive options expiry. With billions of dollars worth of contracts set to mature, the crypto market is bracing for a period of heightened volatility.
Will the options expiry fuel further gains for Bitcoin and Ethereum, or could it lead to a sudden market correction?
What the Numbers Reveal About Market Sentiment
Data from Deribit shows that today, 20,037 Bitcoin options contracts, valued at $1.26 billion, and 125,046 Ethereum options contracts, worth around $308 million, are set to expire.
For Bitcoin, these options contracts will expire with a put-to-call ratio of 0.85, signaling that most market participants are leaning bullish on BTC. This aligns with various analysts’ predictions of continued price growth.
Ethereum, on the other hand, has an even more optimistic outlook, with a put-to-call ratio of 0.65. This indicates that a larger proportion of participants are betting on further gains for ETH.
Interestingly, Ethereum appears to be in a stronger position compared to Bitcoin. The data suggests fewer traders are betting against Ethereum’s upward movement (only 65 out of 100), while Bitcoin sees more bearish sentiment (around 85 out of 100).
The recent interest rate cut from the US Federal Reserve has fueled bullish momentum for both BTC and ETH.
Bitcoin saw strong gains beginning on September 17, closing at $61,715 the following day, and climbing further to $62,932. Today, Bitcoin’s price stands at $63,720.
Likewise, on September 17 itself, Ethereum also embraced a bullish trend. Now, the market is preparing to create a new monthly high. On September 2, the ETH price peaked at $2,538, before slipping to a monthly low of $2,226 on September 6. The Ethereum market is expected to create a new monthly peak today. Yesterday, at the time of close it was at $2,463. Now the price is near the level of $2,500.
The “maximum pain” point—where option holders suffer the most loss—provides crucial insight into potential market movements. For Bitcoin, this key level sits at $58,500. Since BTC is currently trading well above this point, the chance of a drop below it seems minimal.
Similarly, Ethereum’s maximum pain point is $2,350, and with ETH currently trading higher, a significant downward move seems unlikely.
Options expiry days often lead to increased market volatility, especially when the asset’s price is close to the maximum pain point. While BTC and ETH are trading comfortably above these levels today, the market should still be closely monitored for any sudden shifts as the options contracts expire.
Also Read: Ethereum Price Analysis: ETH Price Ready For A Major Reversal In Q4?
What’s your take on today’s options expiry? Do you think Bitcoin and Ethereum will stay bullish?
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