June 30 will be a critical date when approximately $4.7 billion worth of options expire. Meanwhile, the uncertainty for the next levels rises as the Bitcoin price moves under the influence of multiple developments.
Tomorrow the $4.7 billion options expiration date will expire: how will it affect the Bitcoin price?
The open interest for the 30 June option maturity was reported as $4.7 billion. However, investors are overly optimistic that the price of Bitcoin will rise to $32,000 or higher. Therefore, the actual figure may be lower than anticipated.
Currently, the imbalance between call and put options carries a buy rate of 0.56. The open interest on call options represents a purchase of $3.1 million, while the open interest on put options represents a sale of $1.7 million.
However, if the BTC price stays close to $30,500 at 11:00 am on June 30, these put options will only be worth $630 million. This difference is due to the fact that if Bitcoin trades below the $31,000 or $32,000 levels at maturity, the right to buy Bitcoin at these prices becomes useless.
Bitcoin bears target below $30,000 to tip the scales
Analyst Marcel Pechman has listed the four most likely scenarios based on BTC’s current price action. According to this:
- Between $28,000-29,000: There are 7,200 call options and 16,200 put options. In this case, the bears take control and earn $250 million.
- Between $29,000-30,000: There are 13,000 call options and 12,600 put options. In this case, a balance is achieved between put and call options.
- Between $30,000 and $31,000: There are 1,500 call options and 2,100 put options. In this case, call options support $440 million as a net result.
- Between $31,000 and $32,000: There are 3,300 call options and 800 put options. In this case, call options support $670 million as a net result.
The bullish catalysts behind BTC
BTC price has been moving upwards since June 15. Many analysts attributed the surge to over $27,000 to the excitement caused by companies applying for exchange-traded funds (ETFs) like BlackRock and ARK Invest. The news also raised expectations that Grayscale could convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.
Meanwhile, Glassnode noted that miners sent exchanges an all-time high percentage of BTC revenue last week, sending a total of $128 million. Interestingly, the move mimics the spikes seen during the 2021 bull run as miners are making profits. cryptocoin.com In this article, you can take a look at the pre-halving expectations of the analysts we have mentioned.
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