- Interest in Bitcoin ETFs continued to grow even as the price of BTC remained stagnant.
- Traders maintained a bullish outlook despite the uncertainty.
Bitcoin [BTC] has been hovering between $40,000 and $43,000 for some time now, promoting a sense of pessimism among many about BTC’s future trajectory.
ETFs continue to attract investors
Even despite the recent declines, Bitcoin ETFs continued to record significant trading volumes. ARKB leads in terms of volume, closely followed by FBTC.
In particular, Grayscale Bitcoin Trust (GBTC) has seen a decline, while other ETFs have seen a rise. This dynamic suggests a changing landscape within the cryptocurrency market.
If this continued interest translates into increased demand for Bitcoin, it could potentially offset the downward pressure on the price.
📊 #Bitcoin #ETF‘s are still seeing plenty of volume despite recent declines. $ARKB sees the most volume, with $FBTC not far behind. Long-standing #GreyscaleBitcoinTrust $GBTC Unsurprisingly, these have fallen while others have risen.
Enjoy our FREE dashboard: https://t.co/3807VH2CW1 pic.twitter.com/dId1ppkblC
— Santiment (@santimentfeed) February 1, 2024
At the time of writing, BTC was trading at $42,984.29 and was up 2.01% over the past 24 hours. The recent price drop was not significant enough to break the bullish trend that BTC had established by showing both higher highs and higher lows in recent months.
If bullish momentum builds for BTC in the coming days, the price of BTC could rise to January highs.
However, it is important to note that the current downtrend in BTC’s Relative Strength Index (RSI) indicated a lack of immediate bullish momentum.
Source: Santiment
Traders remain bullish
As for the condition of the traders, it was seen that 22,000 BTC options were about to expire.
The Put Call Ratio (PCR) is a measure of the ratio between bearish (put) and bullish (call) options. In this case, the price stood at 0.66, indicating a greater share of bullish sentiment among traders.
The Maxpain point was at $42,000. It is the price at which the smallest number of option holders would suffer maximum losses.
If the price stays around this level through expiration, it would minimize losses for most traders. Furthermore, the notional value for this set of options was $960 million, which represented the total value of the options involved.
How much are 1,10,100 BTCs worth today?
Only time will tell if the traders’ bullish bet will be fruitful.
February 2 Options Details
22,000 BTC options expire with a Put Call Ratio of 0.66, a Maxpain point of $42,000 and a notional value of $960 million.
230,000 ETH options expire with a Put Call Ratio of 0.33, a Maxpain point of $2,300 and a notional value of… pic.twitter.com/tEQWxRXxtB— Greeks.live (@GreeksLive) February 2, 2024