The last few weeks has been rather bullish for Bitcoin. Big news has come out from both sides, with the SEC deciding to hold off on approving an exchange traded fund (ETF) backed by Bitcoin, and GBTC (the Bitcoin Investment Trust) pricing at a premium for the first time in a long time. Next week, we finally get to see if the bulls can hold onto their gains, as the expiration of the original Bitcoin ETF (COIN) will take place in the form of a $565M options contract.
In the last 48 hours, Bitcoin has been trading in a range over $3,000, with bulls and bears going at it in the aftermath of the SEC’s decision to reject a Bitcoin ETF. The price has moved closer to $3,600 over the last few hours, with the gains coming in the wake of news that the SEC has rejected an application for a Bitcoin ETF. As a result, the bitcoin options market was expected to close early and expiring contracts are going to expire on Friday. The expiration date for the $565 million in contracts for the September Bitcoin options is Friday. The expiration date for the 32,000 August month options is September 21.
With Bitcoin’s trading volumes spiking this week, the cryptocurrency is approaching a key level. And, with options expiry on Friday (2:00 UTC), the pressure is on to see an upturn in the price of BTC before the close of the options market.Friday, the eleventh. In June, bitcoin (BTC) options expire with a total value of $565 million. This is important because the last few weeks have been a complete charade for the Bulls. In the end, the price struggled to hold the $33,000 support. However, an unexpected bullish reversal has resulted in an 18.5% rise from a low of $31,000 on June 8 to $38,491 today. This strong move saved the bulls, as any level below $34,000 would have wiped out 98% of current calls (calls).
Who saved the day?
First, MicroStrategy, a publicly traded company with more than $3.2 billion in bitcoins, took the lead on June 8 by issuing a $500 million bond, the proceeds of which will be used to buy new BTC. On the same day, El Salvador’s legislative assembly approved bitcoin as a legal currency in the country. Chairman Nayib Bukele has stated that acceptance of bitcoins will become mandatory for all businesses. In addition, the government announced that it would eventually hold $150 million of BTC in a trust fund. The flow of positive news continued on the 8th. June continued after Victory Capital, which manages $157 billion in assets, announced plans to invest in a private fund that tracks the Nasdaq Crypto Index, 62% bitcoin, 32% Ether (ETH) and 6% other altcoins.
Who will win – the bulls or the bears?
Aggregate 11. June. Bitcoin options. Source: Bybt The initial picture is a bit in favor of the bears, as the ratio of calls versus puts is 0.93, although this indicator rates each option equally. However, the right to buy bitcoins at $42,000 in less than 24 hours is currently worthless, so this purchase option is trading below $40 each. Related: El Salvador’s bitcoin pump has yet to attract smart money, a report shows. The same effect applies to downside neutral put options at $30,000 or less. Holders will not benefit from taking them in the coming weeks, as these contracts have also become worthless. Therefore, analysts should focus on the $33,000 to $41,000 range to better gauge traders’ position ahead of Friday’s option expiration. The 9th. In June, bitcoin rose more than 11% to $37,100, prompting some neutral bullish calls to take a profitable position. With less than 24 hours to go until Friday’s expiration, there are 3,235 BTC contracts up for grabs, with call options worth up to $41,000, currently worth $120 million. On the other hand, downside neutral puts to $33,000 represent 3,045 BTC contracts currently valued at $113 million. That puts both sides almost even before Friday’s expiration. If bitcoin had stayed below $34,000, the bearish advantage would have been $84 million, but a series of positive events seems to have been enough to save the day. Although there is no guarantee that the price will be maintained, the incentives for both parties to exert price pressure are now at least balanced. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.Earlier this week, the crypto markets saw a sudden uptick in bullish sentiment. Bitcoin, Ethereum, and Bitcoin Cash all hit new records, with the last of the three closing in on $600. This could be a precursor to a week-long rally that could see Bitcoin close above $575 on Friday.. Read more about bitcoin options expiry time and let us know what you think.
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