108 Thousand Bitcoin and 1.2 Million Ethereum Options Will Expire Tomorrow! What Does It Mean for BTC and ETH?
While the leading cryptocurrency Bitcoin continues its movements at the level of $ 37,000, all eyes are turned to Bitcoin and Ethereum options that will expire tomorrow, November 24.
According to the post of Chinese journalist Wu Blockchain, 108,000 BTC and 1.2 million ETH options will expire.
24 Nov Options Data.
The Binance incident brought volatility.
108k BTC options are about to expire with a Put Call Ratio of 0.83, a max pain point of $33,000 and a notional value of $4.04 billion.
1.2 million ETH options are about to expire with a Put Call Ratio of 0.71, a max…— Wu Blockchain (@WuBlockchain) November 23, 2023
Accordingly, while the Put/Call Ratio of BTC options is 0.83, the maximum loss point is $33,000 and the notional value is $4.04 billion.
Looking at Ethereum, ETH options have a Put/Call Ratio of 0.71, a maximum loss point of $1,700, and a notional value of $2.47 billion.
“…The biggest event of the week for cryptocurrency was undoubtedly Binance’s deal with the US, an event that brought volatility.
While there is very little time left until the monthly expiration of Bitcoin and Ethereum options, the maximum loss point is relatively far from the current BTC price. “At the same time, considering that the annual maturity of the options is short, there may be a stagnation in trade as Christmas approaches.”
The put/call ratio is calculated by dividing the number of put options by the number of call options. A ratio below 1 means there are more purchases than puts, indicating an upward trend.
A ratio above 1 means there are more put options than call options, indicating a bearish trend. A ratio close to 1 means the market is balanced or neutral.
For Bitcoin, this rate is 0.83; For Ethereum it appears as 0.71. Accordingly, although these rates are close to 1 level, they indicate an upward trend for BTC and ETH. However, time will tell how these rates will affect the price.
*This is not investment advice.