Deribit Data: $2.786 Billion Bitcoin and Ethereum Options Expire Today, $75,000 Emerges as Key Resistance Level
According to the latest Deribit data, 34,400 Bitcoin options expire today with a put/call ratio of 1.71 and a maximum pain point of $70,000, representing a notional value of approximately $2.417 billion.
On the same day, Ethereum expiring options reached 173,900 contracts with a put/call ratio of 1.49, maximum pain point of $2,100, and notional value of $369 million. The combined notional value of both totals $2.786 billion.
Analysis suggests that as Bitcoin briefly broke below the $70,000 level, the current market rally has come to an end. In the previous week, markets focused heavily on the $75,000 key resistance level, as this price concentrated 5% of open interest in month-end options.
However, to date, Bitcoin has failed to break through this key resistance level, with the current price pulling back to near $70,000.
Meanwhile, next Friday will usher in quarterly settlement. From options market data, $75,000 is the most concentrated price level for open positions, making it an absolute resistance level. Below that, $65,000, $62,000, and $60,000 are areas of dense open interest, which can also be viewed as key support levels during downside moves.
Based on current options market data, $75,000 has become an important resistance level for Bitcoin. If it proves difficult to break through in the short term, the market is likely to continue oscillating and consolidating within the $65,000-$70,000 range.
Do you think Bitcoin will break through this key level before quarterly settlement? Or will it further test the support levels? Share your thoughts and predictions in the comments section.
#Deribit # Options Expiration