- $ 3.04 billion in BTC options run with a maximum pain price of $ 107k and a put/call ratio of 0.95.
- Spot and ETF intake amounted to more than $ 1 billion in three days, but did not succeed in causing a bullish reversal.
Bitcoin [BTC] Spentrowed above $ 100,000 this month and won only 1.29%. With billions on the end of options, the calmness can end soon.
Ambcrypto analysis indicates that although a large decrease is more likely, some investors try to resist downward pressure.
Max Pain for $ 107k – but BTC is already under
About $ 3.04 billion in BTC options will end today, with a well/call ratio of 0.95 and a maximum pain price of $ 107,000.
A put-call ratio under 1, as in this case, suggests that more traders buy buy (call) positions in the market.
Source: Deribit
However, the price of Bitcoin was exchanged far below this maximum pain level at $ 104,682, creating a considerable gap.
This means that traders who dominate a large part of the fictional value will probably register large losses, while short sellers have a profit.
Such a scenario forces traders to open more short positions to cover themselves against losses, while others can choose to make a profit.
Ambcrypto analysis confirms that this trend has already begun. Options Open Interest (OI) has risen considerably in the last 24 hours.
OI has risen by 3.88% to $ 46.06 billion, indicating that more contracts are being opened. At the same time, the trade volume has risen to $ 7.06 billion – an increase of 107.64%.
Source: Coinglass
This increase in both statistics, amid a falling price and $ 3.04 billion in contracts that are about to expire, suggests that more traders tend to sell.
$ 422 million liquidated!
The Bearish sentiment is also clear in the Futuresmarkt, which reflects the option market to a certain extent. In this case the number of sellers has increased.
Liquidation data was one -sided. Longs took a hit of $ 422.89 million more than 24 hours, while Shorts lost only $ 28.63 million.
Source: Coinglass
Moreover, the long/short ratio was 0.929 – immediately lower than 1, which confirmed that sellers had control.
Can traditional and spot investors save Bitcoin?
Interesting is that Spot investors do not collapse. $ 150.70 million in BTC flowing In exchanges for 24 hours, while weekly accumulation $ 651 million exceeded.
Source: Coinglass
Traditional investors also make movements.
At the time of writing, $ 86 million was purchased from Bitcoin in various Bitcoin Spot ETFs, which contributed to a cumulative $ 982 million in purchases in the past three days.
These large-scale buy-ins usually affect market sentiment positively and can ultimately lead to an offer.
A significant reversal of the market – especially a recovery of $ 3,000 in Bitcoin’s price – seems unlikely before the options expire.
If this reversal does not occur, Bitcoin will probably slide even lower.