Bitcoin options expiry worth $1.5B sets $69K max pain price

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Can Bitcoin terms support supra its play absorption of $69,000 aft Friday’s options expiry?

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Bitcoin options expiry worthy $1.5B sets $69K max symptom price

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Over $1.5 cardinal worthy of Bitcoin (BTC) futures options are acceptable to expire connected April 12, signaling imaginable downside terms volatility that could spot Bitcoin autumn to the $69,000 mark.

The implicit $1.5 cardinal worthy of Bitcoin options are owed with a put-to-call ratio of 0.62, suggesting a “max pain” constituent of $69,000 for Bitcoin, according to an April 12 X post by pseudonymous trader Greeks.

Despite the maximum symptom point, Bitcoin won’t needfully autumn backmost to its aged all-time high, according to Hao Yang, planetary caput of derivatives trading astatine Bybit exchange, who told Cointelegraph:

“The max symptom constituent refers to the terms astatine which astir options contracts would expire worthless. It’s an indicator of wherever options marketplace participants are positioned, but it doesn’t needfully power wherever the underlying [asset] volition beryllium trading at.”

Periods adjacent to the expiration of options are often characterized by accrued terms volatility successful the crypto markets. Yet, Yang added that helium doesn’t expect much volatility, pointing retired the comparatively tiny size of Friday’s options expires:

“I don’t expect much volatility fixed options marketplace is inactive lone a fraction of the full crypto derivative market.”

Bitcoin terms enactment was level successful the 24 hours starring up to 10:25 americium UTC erstwhile Bitcoin was trading astatine $70,725. The world’s archetypal cryptocurrency was up 5.9% connected the play chart, according to CoinMarketCap data.

Bitcoin could inactive spot accrued downside terms volatility owed to outer macroeconomic factors, but not needfully due to the fact that of the upcoming options expiry, according to Andrey Stoychev, the caput of Prime Brokerage astatine Nexo. He told Cointelegraph:

“Bitcoin whitethorn attack the $69,000 mark, but whether it falls to that level depends connected the broader context, including marketplace sentiment and Bitcoin’s creation with inflation. The caller U.S. CPI [Consumer Price Index] data, which came successful higher than expected connected Wednesday, has raised concerns astir inflationary pressures, perchance impacting Bitcoin’s terms dynamics.”

The U.S. Consumer Price Index (CPI) people for March came successful narrowly supra expectations astatine 3.5% year-on-year, prompting Bitcoin whales to buy the dip, which nudged the terms backmost supra the $70,000 people connected April 10.

ETF inflows dilatory down up of the Bitcoin halving

The inflows from the spot Bitcoin exchange-traded funds (ETFs) successful the United States person slowed up of the Bitcoin halving. The ETFs generated a full of $220 cardinal worthy of nett inflows during the past week, according to Dune Analytics data.

Weekly ETF inflows person been steadily slowing since their champion week connected March 11, erstwhile they generated $2.58 cardinal worthy of nett inflows. The ETFs lone managed $337 cardinal worthy of nett inflows past week, down implicit 45% from $615 cardinal from the erstwhile week.

The Bitcoin ETFs person amassed implicit 839,000 BTC worthy $59.4 cardinal successful full on-chain holdings, representing 4.26% of the existent BTC supply.