According to Odaily, a recent analysis by Greeks.live macro researcher Adam reveals significant developments in the cryptocurrency options market. A total of 98,000 Bitcoin (BTC) options are set to expire, with a put-call ratio of 0.84 and a maximum pain point at $80,000, representing a nominal value of $9.48 billion. Additionally, 412,000 Ethereum (ETH) options will expire, with a put-call ratio of 0.75 and a maximum pain point at $2,900, amounting to a nominal value of $1.47 billion.
Bitcoin's attempt to reach $100,000 has faced resistance, while Ethereum has taken the lead in the market this week, with altcoins experiencing a rebound. The potential risks associated with the end of Bitcoin's leading rally have been absorbed by Ethereum, maintaining the strength of the spot market's bullish momentum. Over 20% of current positions are set to expire this week, and as the next monthly cycle coincides with the year-end options expiry, 40% of positions will expire. This scenario is expected to exert pressure on implied volatility due to significant position shifts and the Christmas market dynamics.
The current market sentiment remains highly optimistic, yet institutions are wary of a repeat of the market conditions seen at the end of 2020. As a result, the options market is exhibiting increased caution. The upcoming expirations and market shifts are crucial factors to watch, as they could influence the broader cryptocurrency market's volatility and direction in the coming months.
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