Options contracts for Bitcoin (BTC) and Ethereum (ETH) valued at over $15 billion have expired. Approximately 135,000 BTC options contracts expired today, boasting a notional value of $9.5 billion. The Put/Call Ratio, a key market sentiment indicator, stood at 0.85, suggesting a bullish bias among investors. Moreover, the Maxpain point for these options was $51,000, hinting at market expectations for stable or growing *BTC* prices.
29 Mar Options Data135,000 BTC options expired with a Put Call Ratio of 0.85, a Maxpain point of $51,000 and a notional value of $9.5 billion. 1.58 million ETH options expired with a Put Call Ratio of 0.63, Maxpain point of $2,600 and notional value of $5.6 billion.Today is… pic.twitter.com/GMReViYURA
— Greeks.live (@GreeksLive) March 29, 2024
Ethereum Options Expiry Details
For Ethereum, the day saw the expiry of 1.58 million options with a notional value of $5.6 billion. The Put/Call Ratio for *ETH* options was 0.63, reflecting an even stronger bullish sentiment than Bitcoin’s. The Maxpain point was noted at $2,600, reinforcing the optimistic outlook for Ethereum’s price.
The crypto market has experienced a substantial rally this week, with Bitcoin reaching for the $70,000 mark and displaying high implied volatilities (IVs) across all major terms. This rally is particularly notable as it occurs against the backdrop of the largest quarterly options expiry in the history of the crypto market.
As Bitcoin approaches its next halving event next month, the current market shows signs of behaving differently from past cycles. The anticipation of the halving is the primary driver of the April Implied Volatility. Market spectators are keenly waiting to see how far this event will propel the market, with past trends providing little guidance in this unprecedented environment.
The convergence of a major expiry event and a rallying market has left investors and analysts alike watching closely. Whether the market will maintain its current trajectory or face correction post-expiry is a question on many minds. With Bitcoin halving on the horizon, the next few weeks are critical for shaping the mid-year market landscape.