As a total of $17 billion worth of options contracts for Bitcoin (BTC) and Ethereum (ETH) expire, a critical day is approaching where significant movements may occur in the market.
Greeks.live, which closely follows cryptocurrency options market data, shared remarkable figures as of June 27. Accordingly, a total of 139,000 options contracts expired on the Bitcoin side today. The total trading volume of BTC options was approximately $15 billion, while the Put-Call Ratio was measured at 0.75. The Max Pain level where investors could suffer the most was determined to be $102,000.
On the Ethereum front, the number of expired options contracts reached 939,000. While the total value of ETH options is around $2.29 billion, the Put-Call Ratio was recorded at a lower level of 0.52 compared to Bitcoin. The Max Pain point for Ethereum investors has emerged at $2,200.
Market Activity is Increasing
Today, the expired options cover more than 30% of the total options positions. Such a large expiry day has particularly caused an increase in large options trades in the last two days. According to Greeks.live data, $1.4 billion of large-scale call (buy) trades were made in the options market in the last 24 hours, and almost all of these trades were moved to different positions.
Volatility Differences are Standing Out
The implied volatility (Implied Volatility - IV) data announced by Greeks.live shows that volatility in Bitcoin is at low levels. The short and medium-term IV values of BTC continue to remain below 35%. In contrast, volatility in Ethereum is high, and the IV value of ETH is around 65%. The approximately 30% IV difference between BTC and ETH offers investors the opportunity to develop volatility-based strategies among different crypto assets.
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