Bitcoin Stays Steady at $107,000: Market Quiet Before Major Options Expiration
Bitcoin (BTC) is hovering around $107,000 ahead of a major options expiration, one of the most important developments of the week. Market volatility is quite low, indicating that investors are being cautious in their direction in the short term.
The options expiration on Friday, June 28, which has become the focal point of the cryptocurrency markets, is critically important in terms of price volatility. Especially during US trading hours, low volume indicates that a major move is not expected in the market at this time.
Record Open Positions in Options: 'Max Pain' Level at $102,000
Jean-David Péquignot, the head of commercial operations at the crypto derivatives exchange Deribit, stated that the amount of open positions in the Bitcoin options market has reached $40 billion. This size highlights the potential impact the expiration may have on the market. On Friday, about 38% of the current options will expire.
According to Péquignot, the 'max pain' price known as the point where most investors will incur losses is at $102,000. The current put-call ratio stands at 0.73, indicating a balanced outlook; this shows there is no significant bias in investors' sell and buy positions.
Decrease in Volatility: Safe Haven Perception Strengthens
Deribit's volatility indicator, the DVOL index, rose to around 50% during the volatile periods in April, but has recently declined to 38%. This drop reflects that the market has taken on a calmer structure and that some investors have begun to see Bitcoin as a hedge.
In the short-term technical outlook, the $105,000 level stands out as critical support. Péquignot warns that if this level is breached, selling pressure may increase technically.
Activity on the Company Front: Core Scientific on the Rise
While calm prevails in Bitcoin prices, notable developments are occurring on the cryptocurrency company side. In particular, Bitcoin mining company Core Scientific (CORZ) gained 33% in value following news that it may be acquired by AI firm CoreWeave.
Additionally, stocks of companies operating in the sector such as Circle (CRCL), Coinbase (COIN), Riot Platforms (RIOT), and Hut 8 (HUT) have risen between 5% and 7%. However, MicroStrategy (MSTR) shares have lost about 1%.
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