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Bitcoin ($BTC) and altcoins have experienced volatile movements in recent days, with the $BTC price briefly falling below $80,000. However, it quickly recovered and rose back above $80,000, and Bitcoin is expected to continue its upward trend.
While some are expecting a decline, the expiration date for option contracts in the crypto market arrived, as it does every Friday.
According to weekly data, approximately $2.6 billion worth of crypto options will expire on the Deribit derivatives exchange on May 15th.
According to Deribit data, $2.03 billion worth of Bitcoin ($BTC) and $630 million worth of Ethereum ($ETH) options will expire.
Accordingly, the Put/Call ratio for $BTC options is 0.58, while the maximum loss point is $80,000 and the intrinsic value is $2.03 billion.
Looking at Ethereum, $ETH options have a Put/Call ratio of 0.39, a maximum stop loss of $2,300, and a nominal value of $630 million.
Apart from this, the total open interest in Bitcoin options across exchanges has reached $38 billion, while Ethereum’s stands at $7.3 billion.
The maximum pain level is $80,000, and the spot price of $BTC is also moving around these levels. This is causing the Bitcoin price to be stuck in a narrow range before the expiry date. For Ethereum, the maximum pain level is $2,300. According to analysts, this difference between the spot price and the maximum pain level may lead to limited upward movement in the short term. However, it does not necessarily mean a definite rise or fall.
What Does the Pull/Call Ratio Mean for Bitcoin and Ethereum?
The put/call ratio is 0.58 for Bitcoin and 0.39 for Ethereum, indicating that investors are buying more than they are selling.
While investors are bullish on Bitcoin and Ethereum, the 0.39 ratio in $ETH indicates a stronger upside expectation compared to Bitcoin.
*This is not investment advice.