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The US-Iran conflict continues to affect Bitcoin and altcoins. Bitcoin, which recently rose to $76,000, tested the $65,000 level again as tensions in the conflict escalated.
While everyone wonders when the war will end and whether the decline will continue, the expiration date for option contracts in the crypto market arrived, as it does every Friday.
According to weekly data, approximately $2.1 billion worth of crypto options will expire on the Deribit derivatives exchange on April 3rd.
According to Deribit data, $1.8 billion worth of Bitcoin ($BTC) and $320 million worth of Ethereum ($ETH) options will expire.
Accordingly, the Put/Call ratio for $BTC options is 0.54, while the maximum loss point is $68,000 and the intrinsic value is $1.8 billion.
Looking at Ethereum, $ETH options have a Put/Call ratio of 0.73, a maximum stop loss of $2,075, and a nominal value of $320 million.
Greeks.live analyst Adam noted that today marks the first weekly expiry after the first three-month expiry.
The analyst noted that Bitcoin options have reached a new peak, exceeding 80% of the market share, and in terms of expiration dates, the most commonly held options are for the end of April and the end of June.
On the other hand, there is a concentration of transactions in Ethereum options with expiration dates in June.
However, according to the analyst, the market remains relatively weak. After a slight recovery, it quickly fell back to $66,000.
In addition, the analyst noted that crypto trading activity remains sluggish and typical bear market signs continue to be observed.
In conclusion, the analyst noted that Bitcoin underperformed in the first quarter of this year in terms of both price and trading volume. He also pointed to weak performance in the first week of the second quarter, stating that time and capital inflows are needed for market confidence and prices to increase again. However, currently all indicators point to bear market conditions.
*This is not investment advice.