As the expiry date for crypto options approached on October 25th, the outcomes for Bitcoin (BTC) and Ethereum (ETH) demonstrated a range of sentiments, as reported by data from Greeks.live.
The expiration event, with a combined notional value of $5.28 billion, showcased distinct investor behaviors towards the two major cryptocurrencies.
Bitcoin (BTC) Options Expiry Insights
With 63,000 Bitcoin options contracts expiring on the 25th of October, the Put-Call Ratio stood at 0.66, indicating a generally optimistic sentiment among traders.
This ratio suggested a preference for call options over put options, hinting at expectations for upward price movements.
Additionally, the Max Pain level, where the most options would expire without value, was noted at $64,000.
The total notional worth of expired BTC options amounted to $4.26 billion, underlining substantial activity in the market.
Bitcoin was trading around $67,000 at the time of expiry, slightly retracing from its recent peak of $68,000 but remaining proximate to the all-time high of $70,000.
The implied volatility (IV) for Bitcoin, effective until November 8th, settled at 55%, hinting at potential opportunities for traders amidst the anticipation of noteworthy market shifts accompanying the U.S. elections.
Increase in Bitcoin Whales
Supporting the favorable sentiment towards Bitcoin, recent insights from Santiment highlighted a surge in the count of Bitcoin whales in the past fortnight.
Within this period, 297 fresh wallets containing at least 100 BTC were established, presenting a 1.93% rise and elevating the total number of such wallets to 16,338.
Traditionally, an upsurge in significant Bitcoin holders corresponds with upward price trends, indicating the possibility of further appreciation for Bitcoin.
The growth in whale accounts aligned with Bitcoin’s recent price performance, briefly exceeding $68,000 before a minor pullback to $67,000.
This accumulation of whale holders might signify continued interest among major investors, potentially bolstering Bitcoin’s resilience in preparation for the anticipated market fluctuations in November.
Ethereum (ETH) Options Expiry Observations
Alongside Bitcoin, 403,426 Ethereum options contracts also expired on October 25th, featuring a Put-Call Ratio of 0.97, indicating a nearly balanced sentiment between bullish and bearish positions.
The Max Pain level was positioned at $2,600, denoting the threshold where the highest number of expiring options would become valueless.
The total notional value of the lapsed ETH options hit $1.02 billion, emphasizing Ethereum’s notable presence in the market, despite its comparatively subdued performance against Bitcoin.
As of the press time, Ethereum was exchanging hands at $2,468, approaching its Max Pain level, hinting at restricted price movements.
Unlike the robust price dynamics seen with Bitcoin, Ethereum’s market conduct exhibited signs of investor uncertainty, further compounded by challenges linked to spot Ethereum ETFs.