Bitcoin and Ethereum contracts worth $1.43 billion were expired on the 17th of July, as crypto markets traded within pre-established trading ranges.
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- Bitcoin options totaling $1.2 billion were expired Friday as BTC traded within its range of a month.
- Ethereum’s put-call rate of 1.61 showed a persistent demand for calls as traders were sharply divided on Friday.
- Greeks.live stated that the number of bullish options block trades has increased. However, overall activity in terms of option trading is still low due to low volatilities.
The following is a list of Greeks.live data. 19,000 Bitcoins options valued at $1.2 billion have expired. They had a put call ratio of 0.9% and maximum pain of $63,000.
In the meantime, 123,000 Ethereum option contracts worth $230 millions expired at a ratio put-call of 1,61. Maximum pain was $1,800. The increased ratio indicated that calls continued to be outweighed by put positions, continuing a trend Greeks.live reported has been going on for about one month.
Bitcoin has been trading mainly in the range of $60,000 to $65,000 since more than a week. Crypto volatility was relatively low despite sharp movements in some parts of the U.S. Stock Market. Only 5% of options were still outstanding at the latest weekly expiry, and open interest dropped slightly as there were fewer opportunities for short-term trading.
Ethereum option prices show deeper division as Bitcoin volatility remains low
Greeks.live reported that Bitcoin’s gamma was concentrated between the strike prices of $64,000 and $70,00. Ethereum exposure was spread more between $1.825 and $2,000. Some traders were using shallow out-of the-money options in order to prepare for possible recovery. Large bullish trades also increased at the firm, mainly due to short-term bullspreads.
Ethereum’s put/call ratio continues to reflect a high demand for short positions. “The proportion of put options has exceeded 1 for a consecutive month and continues to rise,” Greeks.live described the current positions as being unusually split between bullish traders and bearish ones.
After several weeks of careful derivatives positioning, the latest expiry is the culmination of this cautious position. The same as previously reported According to crypto.news’ report, Bitcoin and Ethereum puts and calls worth $1.75 Billion expired on the 10th of July. Bitcoin’s pain threshold is $62,000 while Ethereum’s put and call ratio is 1.26.
Bitcoins worth $1.9 billion were traded a week ago expired While traders continued to monitor the $60,000. Ethereum was already showing a higher demand at the time for downside protection, as its put-call rate stood at 1.29.
Since the July 17 settlement was much smaller than other major monthly or quarterly settlements it is less likely that one event will be enough to cause a significant spot-market movement. Bitcoin remained close to its maximum pain of $63,000, but Ethereum’s increased put exposure revealed that traders remain divided about its near-term course.
Greeks.live reported that overall market activity was subdued, despite an increase in block bullish trades. Bitcoin remains in the same range it has been for the past month. Traders continue to monitor the $70,000 and $64,000 options concentrations, looking for the next big move.
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Source: crypto.news
