BTC Price Rallies As 18,000 Bitcoin Options Set to Expire Today, What’s Next?

The Bitcoin (BTC) price has experienced a significant uptick, marking a nearly 3% surge today following a period of sluggish trading. Meanwhile, the recent rally, after a prolonged volatile market sentiment, precedes a major event: the expiry of 18,000 Bitcoin options. Notably, the market participants are closely watching the implications of this expiry on BTC’s price trajectory and the broader cryptocurrency market.

Market Analysis Ahead of Options Expiry

The recent surge in Bitcoin prices has investors’ attention, following volatile trading and ahead of today’s options expiry. Notably, As the market braces for the expiry of 18,000 Bitcoin options, analysts at Greeks. live to provide insights into the current options data. With a Put Call Ratio of 0.64, a Maxpain point at $62,000, and a notional value of $1.2 billion, anticipation is high regarding potential market movements post-expiry.

Meanwhile, the recent weakness in crypto markets, compounded by falling volumes and outflows from US BTC ETFs, has raised concerns. Despite a slight recovery in investor confidence due to decreasing implied volatility (IV), uncertainties linger, particularly considering historical market trends in May.

While Bitcoin garners attention, Ethereum (ETH) is also in focus as 280,000 ETH options are set to expire today. With a Put Call Ratio of 0.74, a Maxpain point of $3,050, and a notional value of $800 million, market participants are closely monitoring ETH’s price dynamics alongside BTC.

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Implications Amid Fund Outflows

Despite the impending options expiry, both Bitcoin and Ethereum prices have rallied. In addition, this surge in the Bitcoin price comes despite reports of an $11.3 million outflow from US Spot Bitcoin ETFs on May 9. Notably, Grayscale’s ongoing exodus continues to weigh on the Bitcoin ETF flows.

However, as market participants navigate these developments, the coming hours post-options expiry will likely provide clarity on BTC and ETH’s short-term price trajectory. Traders remain vigilant, and prepared to react to any significant market movements resulting from this event.

According to CoinGlass data, the Bitcoin Futures Open Interest (OI) soared 1.84% to 480.25K BTC or $30.28 billion today. Simultaneously, the Ethereum OI noted an advancement of 0.58% to $10.76 billion at the same time.

Meanwhile, the Bitcoin price soared 2.74% and traded at $62,946.19, while its trading volume from yesterday rose 8.08% to $26.04 billion. On the other hand, the Ethereum price rose 1.80% to $3,034.26 ahead of the options expiry.

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