Recent market data published by Greeks.live, a leading provider of trading tools for crypto options traders, revealed interesting information regarding Bitcoin (BTC) and Ethereum (ETH) options data expiring on December 1. The disclosed information aroused great curiosity among crypto enthusiasts and shed light on Blockchain metrics and potential market pressures. Here are the details…
Option data for BTC and ETH attracted attention
Greeks.live revealed that the upcoming expiration includes a staggering 29,000 Bitcoin options, adding to a complex financial landscape. The Put and Call Ratio of 0.58 creates a complex layer, revealing the delicate balance between put and call options in the crypto market. The strategically positioned $37,000 Maxpain point for BTC provides insight into potential market pressures with its collective nominal value reaching $1.13 billion.
Shifting the focus to Ethereum, options reveal a Put Call Ratio of 0.49 and a Maxpain point of $2,100. This configuration sets the stage for potential market volatility and highlights the significant financial implications of the upcoming expiration for the broader Ethereum market with a cumulative face value of $470 million.
What are the market dynamics?
Despite Bitcoin surpassing the $38,000 level multiple times following last week’s monthly delivery, the crypto market has experienced a decline in volatility this week. Analysis of options data shows that primary trades are focused on calls with Maxpain points close to the strike price, indicating a low Put Call Ratio. As the rally loses momentum, the options’ skew level decreases, indicating that bullish sentiment is waning in the short term, with a rally focused on January ETF approvals.
Michael Van de Poppe, CEO and founder of MN Trading, commented on the current market phase by stating that although Bitcoin could not exceed the $ 38,000 level, the markets are in a consolidation phase and this offers opportunities. If the pattern of forming higher lows and higher highs continues, a breakout remains imminent. As of the last update, BTC price decreased by 1.21% and reached $37,734.99. Over the past seven days, BTC has witnessed a rise of 0.62% and a significant rise of 9.46% in the past month. Meanwhile, ETH price recorded a 1.21% decline in the last 24 hours, reaching $2,032 today and a 2.07% decline in the past week. However, ETH has seen a notable increase of 12.23% in the past month.
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