Ethereum

2024

Bitcoin

<p>All eyes are currently on the Bitcoin options expiry on Friday as the bulls manage to hold the BTC price above $61,000 as of press time. Amid the tight fight between the bulls and the bears, the Bitcoin price has oscillated between $59,000-$61,000 for a large part of this week.</p> 
<h2 id="18-474-bitcoin-options-to-expire-today">18,474 Bitcoin Options to Expire Today</h2> 
<p>According to the <a rel="nofollow" href="https://www.deribit.com/statistics/BTC/metrics/options" target="_blank">Deribit data</a>, 18,474 BTC options are set to expire today with a notional value of $1.12 billion and a put-call ratio of 0.83. The put-call ratio shows that the sentiment is not entirely bearish, however, it’s close to 1 showing that the BTC puts have been posing strong competition to the calls. As reported earlier this week, the BTC options block trading is on the rise with <a href="https://coingape.com/bitcoin-options-block-trading-flashes-bearish-signs-despite-btc-reclaiming-60k/" target="_blank" rel="noopener">traders selling BTC call options</a> and buying the put options. The max pain point of the Bitcoin options expiry is $60,000 as per the below chart.</p> 
<figure id="attachment_213733" aria-describedby="caption-attachment-213733" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213733" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-Options-Trading.jpg" alt="Bitcoin Options Data" width="1052" height="648" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-Options-Trading.jpg 1052w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-Options-Trading-300x185.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-Options-Trading-768x473.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-Options-Trading-150x92.jpg 150w" sizes="(max-width: 1052px) 100vw, 1052px">
 <figcaption id="caption-attachment-213733" class="wp-caption-text">
  Courtesy: Deribit
 </figcaption>
</figure> 
<p>Furthermore, the data shows a decline in the weekly options positions with the implied volatility also staying neutral ahead of the Jackson Hole meeting later today on Friday. Overall, the options market suggests a period of calm, with a stable term structure and a gradually decreasing expectation of future volatility.</p> 
<h3 id="bitcoin-trading-will-continue-to-be-boring">Bitcoin Trading Will Continue to Be Boring</h3> 
<p>Throughout the second quarter of 2024, the <a href="https://coingape.com/markets/bitcoin-price-analysis-why-66k-level-is-important-to-btc/" target="_blank" rel="noopener">Bitcoin price</a> has remained rangebound oscillating between $50,000-$70,000. Popular crypto analyst Will Woo stated that the BTC price action will continue to stay boring until excess leverage is out of the market.</p> 
<p>He added that the BTC crash at the beginning of August led to a significant liquidation of the leveraged position, wiping out most of the open interest from the market. Woo called it a “healthy reset” of the open value, necessary for BTC to climb further.</p> 
<p>The analyst added that the BTC price action needs to get really boring before it can make substantial gains. He estimates that the market is about 66% of the way through this process, with much of the speculation now cleared out, though more spot BTC absorption is still needed.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">This mid-June assessment is still in play.</p> 
 <p>BTC price action needs to get really boring.</p> 
 <p>I feel like we are 66% the way there. Much of the speculation has left, we still need more of the spot BTC to be absorbed.<a href="https://t.co/Of24lomrUE">https://t.co/Of24lomrUE</a></p> 
 <p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1826391489590821045?ref_src=twsrc%5Etfw">August 21, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Woo added that the crypto market has graduated from the bearish to the neutral stand and we’re no longer in the bear market territory. Instead, BTC is experiencing a prolonged consolidation phase, he said.</p> 
<h2 id="ether-options-expiry">Ether Options Expiry</h2> 
<p>Along with Bitcoin options, a total of 140,000 Ethereum (ETH) options will expire today, with a Put/Call Ratio of 0.93. The Ether options have a max pain point of $2,625 and a notional value of $370 million. As per the data from Coinglass, the ETH options trading volume has surged by 11.63% all the way to $465 million while the ETH open interest has shot up by 5.19% to $11.33 billion.</p> 
<p>Currently, the <a href="https://coingape.com/markets/ethereum-price-renews-3000-bid-after-vitalik-buterins-bull-post/" target="_blank" rel="noopener">Ethereum price</a> is up 1.4% and trading at $2,672 with a market cap of $321 billion, eyeing a further rally to $3,000. The surge in the Ethereum gas fee to a five-year high has led to concerns about growing ETH supply in the market and the weakness in the Ethereum ecosystem post the Dencun upgrade. However, Vitalik Buterin stated that the <a href="https://coingape.com/vitalik-buterin-says-ethereum-fundamentals-are-stronger-than-before/" target="_blank" rel="noopener">Ethereum fundamentals are stronger than ever before</a>.</p> 
<p>The post <a href="https://coingape.com/bitcoin-options-traders-signal-low-volatility-final-calm-before-the-storm/">Bitcoin Options Data Signals Low Volatility Ahead of Jackson Hole Speech Today</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Options Data Signals Low Volatility Ahead of Jackson Hole Speech Today

Table of Contents

Coingape News Media

Other articles published on Aug 23, 2024

Bitcoin’s $62K Battle: Will Bulls Push Through or Bears Take Over?

Tether Blockchain Plan Dropped, USDT Security Prioritized

World’s First Crypto-Themed Immersive Theater, Decode: Legacy, Hosted by HashKey Capital, Aethir ...

Bitcoin Miners Boost Reserves to Peak

Sony Unveils Ethereum Layer-2 Blockchain 'Soneium' to Accelerate Web3 Adoption

How NFTs are Shaping the Music Industry

Join our free newsletter for daily crypto updates!