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Although the leading cryptocurrency Bitcoin reached $ 69,000 on March 5, it could not stay there due to the selling pressure it faced.
While $BTC is expected to make another attack soon and reach a new ATH, all eyes are on Bitcoin and Ethereum options that will expire today.
According to the news of Singapore-based crypto options data platform Greeks.live, 29,000 $BTC and 2700,000 $ETH options will expire on March 8.
Accordingly, while the Put/Call Ratio of $BTC options is 0.86, the maximum loss point is $60,000 and the notional value is $2 billion.
Looking at Ethereum, $ETH options have a Put/Call Ratio of 0.55, a maximum loss point of $2,950, and a notional value of $1.05 billion.
At this point, after $BTC and $ETH options expire, fluctuations may be seen in the crypto market, especially Bitcoin prices. However, the data points upward for $BTC. Because it seems that investors on Deribit, the world's largest cryptocurrency options exchange, started buying options on Bitcoin at a price of $ 70,000 for the end of March.
Stating that the volatility in the cryptocurrency market has reached its highest level in a year, Greeks.live said that there was an increase in option trading volume and positions.
March 8 Options Data
29,000 $BTC options are about to expire with a Put Call Ratio of 0.86, a max pain point of $60,000 and a notional value of $2 billion.
270,000 $ETH options are due to expire with a Put Call Ratio of 0.55, a max pain point of $2,950 and a notional value of… pic.twitter.com/BR4LfAgn4s— Greeks.live (@GreeksLive) March 8, 2024
What Does the Put/Call Ratio Indicate for Bitcoin and Ethereum?
The put/call ratio is calculated by dividing the number of put options by the number of call options. A ratio below 1 means there are more purchases than puts, indicating an upward trend.
A ratio above 1 means there are more put options than call options, indicating a bearish trend. A ratio close to 1 means the market is balanced or neutral.
For Bitcoin, this rate is 0.86; For Ethereum it appears as 0.55. Accordingly, the fact that this ratio is close to 1 for $BTC indicates that the situation is balanced and neutral for $BTC; It indicates a bullish trend for $ETH.
However, time will tell how these rates, along with other data and signals, will affect prices. At this point, do not make your investment decisions based on a single data or report.
*This is not investment advice.