29,000 Bitcoin (BTC) Options Will Expire Today, Here’s What to Expect
The Bitcoin (BTC) price continued to show strength, rising 10% last week amid increased market volatility. Earlier today, BTC price rose above $68,000 but has since retreated partially and is currently trading at $67,195 with a market cap of $1.320 trillion.
Investors Watch for Bitcoin (BTC) Options Expiry
As the crypto market prepares for a major event, options data reveals approaching expirations ready to shape market dynamics. A total of 29,000 BTC options are about to expire and the Put Call Ratio of 0.86 also indicates a mix of bearish and bullish sentiment. The maximum pain point is calculated at $60,000; This reflects a significant price level at which the maximum number of option contracts expire worthless, with a staggering notional value of $2 billion.
With this expectation, market volatility rose to its highest level in almost a year. Bitcoin’s turbulent journey briefly broke above $69,000, setting a new all-time high, before enduring a sharp decline of over 10%. It is noteworthy that all major futures implied volatilities (IVs) have increased, with ultra-short-term IVs peaking at 100%, Greeks.Live reported.
Kindness: Greeks.Live
The excitement surrounding the US currency-driven spot bull market has gained global attention as Bitcoin has emerged as a recognized promising store of value. As a result, options trading saw an increase in volume and positions. Options are increasingly preferred for their versatility, offering protection for spot buyers and high leverage opportunities for long and short positions.
On-chain data shows that Bitcoin whales and sharks continue to accumulate despite current volatility. Sharks and whales remain active despite market turbulence following an all-time high, according to on-chain data provider Santiment. However, there is a decline in non-$zero BTC wallets overall, which is largely attributed to small traders capitulating. This combination is generally considered bullish.
Kindness: centimeter
SEC Delays Trading Options on BTC ETFs
On Thursday, March 7, the U.S. Securities and Exchange Commission (SEC) postponed its decision on BlackRock’s request to trade options on the spot Bitcoin ETF until April 24. Previously, the SEC had requested public comment on whether Nasdaq would allow options trading on BlackRock’s spot. Bitcoin ETF. In another development, BlackRock has filed with the SEC to purchase spot Bitcoin ETFs for its Global Allocation Fund.
Additionally, SEC, Cboe Exchange, Inc. and Miax Pearl LLC also postponed decisions on spot Bitcoin ETF options. The SEC said in its filing:
Thursday’s filings include the SEC’s filing with Cboe Exchange, Inc. and revealed that it was postponing a decision on whether to allow Miax Pearl LLC to list and trade options on spot Bitcoin ETFs.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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