Expiration of $2,1 billion in options puts pressure on Bitcoin and Ethereum.
- Bitcoin options have accumulated $1,9 billion in expiration.
- Bitcoin tests support after cryptocurrency market drop.
- Ethereum and altcoins extend losses ahead of expiration.
The cryptocurrency market is watching a new expiration of options contracts this Friday, representing approximately US$2,1 billion in notional value. Despite the event's size, analysts point out that the current batch has a relatively limited impact on the spot market compared to other expirations recorded in recent months.
Of the total, approximately 30.500 Bitcoin options contracts are coming to expiration, representing roughly US$1,9 billion. In recent days, the market showed a moderate recovery before losing momentum again, while the total cryptocurrency market capitalization retreated and remained close to the US$2,25 trillion range.
The macroeconomic environment also continues to influence investor behavior. Even after the signing of a peace agreement between the United States and Iran, market sentiment remained cautious. At the same time, Federal Reserve Chairman Kevin Warsh kept interest rates unchanged, but indicated that further increases could occur if inflation accelerates again.
Among the Bitcoin contracts expiring this week, the put/call ratio is at 0,78, signaling a slight predominance of long positions. The maximum loss point is near US$65.000, a value above the current prices of the largest cryptocurrency on the market.
Open interest data shows significant concentration at the $80.000 strike price, with approximately $1,6 billion registered on Deribit. At the same time, short positions remain concentrated in the $60.000 region, where approximately $1,3 billion in contracts remain.
The derivatives firm Greeks Live highlighted the importance of the $60.000 range for the current market structure.
"A sustained drop below that level would cause dealer hedging flows to shift from stabilizing to directional reinforcing, increasing the likelihood of an accelerated decline," he added.
According to the analysis, the region between US$70.000 and US$82.000 continues to function as an area capable of reducing more intense fluctuations due to the activity of institutional participants.
In addition to Bitcoin, approximately 137.600 Ethereum options contracts also expire this Friday, representing about US$234 million in trading volume. The asset has a maximum strike price of US$1.725 and a put/call ratio of 1,0, while the total open options on the network reach approximately US$6 billion.
In the spot market, the movement remains negative. Bitcoin lost some of its recent gains and retreated from its intraday high of $64.500 to the $62.800 region. The weakening buying momentum increases investors' attention to the support levels observed throughout the week.
Ethereum is also experiencing selling pressure, falling around 3% on the day and trading near $1.700. Among the weaker performing altcoins are Hyperliquid, Zcash, Sui, and Avalanche, which registered losses exceeding the market average during Friday's Asian session.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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