Today, $6 billion worth of contracts expired in the Bitcoin (BTC) and Ethereum (ETH) options market, but due to the high volatility in Ethereum, the most suitable time for selling has not yet come.
One of the important data providers of the cryptocurrency options market, Greeks.live, shared the option data dated July 18. According to the disclosed data, today 41,000 option contracts expired for Bitcoin (BTC), with a total market value of approximately $4.93 billion. The Put-Call Ratio measured in Bitcoin options was realized at the level of 0.78. The Maxpain point, where investors are expected to incur the most losses, was recorded at $114,000. Meanwhile, the price of Bitcoin is currently fluctuating around $120,000, which is the all-time high.
On the Ethereum side, the number of expired options reached 240,000. The total value of ETH options was measured at $880 million, while the Put-Call Ratio in Ethereum was exactly measured at 1.0. The Maxpain point for Ethereum investors is at the level of $2,950.
Ethereum made a significant price movement along with the options expiration day, surpassing $3,650 and creating strong optimism in the markets. This rally, led by Ethereum, also triggered many altcoins in the market and increased investors' risk appetite.
According to Greeks.live data, the approximately $6 billion contract volume entering the market today constitutes more than 10% of the total options market. Especially in the Bitcoin options market, large-scale block call (buy) transactions have drawn attention over the past two weeks. These transactions account for more than 30% of the total daily transactions, and it seems that institutional investors are applying more aggressive strategies due to the FOMO effect in the market.
It's still early for selling positions.
The implied volatility (IV) data indicating the direction of volatility in the options market shows a slight increase to 40% for BTC. However, the most striking aspect has been the volatility rate in Ethereum. The IV level of ETH has recently reached 70% with a sharp increase.
Greeks.live analysts believe that the current high volatility in Ethereum has created a broader range for price fluctuations, and therefore, option sellers have not yet caught the most ideal time to enter the market. The strong potential for both upward and downward movements in ETH price indicates that option sellers may wait a bit longer to assess selling opportunities.
Experts believe that the price movements of Ethereum in the coming days will create new opportunities for option sellers$BNB
