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How Will $3.9B Crypto Options Impact Market Momentum?
- Around 34,000 Bitcoin options contracts worth $3.3 billion set to expire on Friday, June 20.
- Impact on spot markets expected to be minimal despite the event being larger than previous week's expiry.
- Current put/call ratio of Bitcoin options contracts at 1.16, indicating slightly more short sellers than longs.
- Max pain point for Bitcoin options at $106,000 where most losses are anticipated on expiry.
- Highest open interest for BTC options contracts between $115,000 and $140,000, with over $1.7 billion at each price.
- Derivatives provider notes predominantly bearish sentiment in the market, with traders maintaining short positions.
- Concerns arise about altcoins' fate if Bitcoin drops below $104,000, amidst geopolitical tensions with Iran.
- Approximately 215,000 Ethereum contracts worth $546 million expiring alongside Bitcoin options, totaling around $3.9 billion.
- Total crypto market capitalization down 2% to $3.37 trillion, remaining range-bound since early May.
- Bitcoin sees slight dip to $104,600, down from weekly high of $108,770 amidst geopolitical uncertainty.
- Ethereum holding above $2,500 support, with minor movement over past 48 hours.
- Altcoins mostly flat except Bitcoin Cash gaining 7.7% and Hyperliquid losing 4.8%.
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