Leading cryptocurrency Bitcoin has experienced an extraordinary price rally this week, reaching as high as $64,000. Since then, BTC price has experienced some retracement. It is currently trading at $61,158 with a market value of $1.2 trillion. Today, weekly Bitcoin options expire, with traders expecting some volatility ahead.
Bitcoin options expiry: What will happen?
As the maturity of cryptocurrency options approaches, important figures emerge in the market. A total of 19,000 Bitcoin (BTC) options with a face value of $2 billion will expire with a combined face value of $790 million. The Put/Call ratio for BTC options is 1.49. Meanwhile, the maximum pain point is stated as $55,000 for BTC. This news comes amid an eventful week in crypto markets, with Bitcoin rising above $64,000 and a noticeable rise in major futures implied volatilities (IVs) reaching levels last seen in January 2024 and March 2023.
Driving the bullish sentiment in the spot market was the Bitcoin ETF, which posted significant gains this week. However, despite modest increases in Bitcoin options volume and positions, buyers are increasingly adopting spot hedged strategies, contributing to a strong market structure. According to Greeks.Live, BTC currently holds more than 50% of the total cryptocurrency market share. Additionally, experts expect attention to shift to Ethereum as the bull market progresses.
BTC whales are on a selling spree
According to crypto analyst Ali Martinez, there has been a significant increase in profit taking among Bitcoin whales. In the last three days, they disposed of 80,000 BTC, which is equivalent to approximately $4.8 billion. Therefore, investors and traders should be careful in light of this development.
On the other hand, outflows from Grayscale’s GBTC ETF began to increase once again this week. Thus, outflows doubled. According to data from Farside investors, outflows from GBTC reached a staggering $600 million on Thursday, February 29. Despite this, inflows remain strong, with BlackRock’s IBIT ahead by a large margin. As of Thursday, total inflows into spot Bitcoin ETFs stood at $510 million.
Analyst: I’m targeting these levels for buying!
cryptokoin.comAs you follow from , Bitcoin has had a strong run. However, analysts expect a correction. Popular analyst Michaël van de Poppe predicts that if there is a pullback in Bitcoin, it could drop to $46,000. In this context, the analyst makes the following statement:
Bitcoin managed to reach a net inflow of $670 million. This comes mostly through Blackrock’s ETF (exchange-traded fund) and interest. The price surpassed $62,600 with insanely strong moves before the halving. What to look for? If there is a correction, I would target $46,000 or $53,000 for long-term buys.
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