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Bitcoin and Ethereum prices are rallying higher amid bullish sentiment with Crypto Fear &amp; Greed Index at “extreme greed” with a value of 78. The market now braces for $6 billion in Bitcoin and Ethereum options monthly expiry on Friday, February 23. 
Notably, options traders are making <a href="https://coingape.com/block-trades-surge-as-investors-place-multi-million-dollar-bets-on-btcs-next-move/" target="_blank" rel="noopener">put options</a> bets to safeguard against a potential drop in prices ahead of Bitcoin halving. <a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> is currently at major support, a break below this level will trigger a broader crypto selloff. 
<h2 id="bitcoin-and-ethereum-options-expiry">Bitcoin and Ethereum Options Expiry</h2> 
Notably, 71K BTC options of notional value $3.7 billion are set to expire on February 23. The put-call ratio is 0.76 and max pain point is $47,000, indicating a profit booking scenario while remaining bullish. The crypto market can expect huge volatility. BTC price is currently under selling pressure as it fell below $51,000, still higher than the max pain price. 
<figure id="attachment_181698" aria-describedby="caption-attachment-181698" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-181698" src="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11.png" alt="Bitcoin options" width="798" height="282" srcset="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11.png 1913w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-1224x433.png 1224w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-768x271.png 768w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-1536x543.png 1536w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-150x53.png 150w" sizes="(max-width: 798px) 100vw, 798px">
 <figcaption id="caption-attachment-181698" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
In the last 24 hours, the call volume higher than put volume. However, the put/call ratio is 0.79, which suggests bearish sentiment is building in the Bitcoin market. 
Meanwhile, 792K ETH options of notional value $2.3 billion are set to expire, with a put call ratio of 0.46. The max pain point is $2,500. Traders are particularly bullish on Ethereum after a recent rally taking <a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener">ETH price</a> par $3,000. However, a pullback is anticipated ahead of Friday’s expiry, considering the choices traders have here. 
<figure id="attachment_181699" aria-describedby="caption-attachment-181699" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-181699" src="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18.png" alt="Ethereum options" width="795" height="294" srcset="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18.png 1899w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-300x111.png 300w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-1224x452.png 1224w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-768x284.png 768w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-1536x568.png 1536w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-150x55.png 150w" sizes="(max-width: 795px) 100vw, 795px">
 <figcaption id="caption-attachment-181699" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
The call volume doubled the put volume in the last 24 hours, with a put/call ratio of 0.40. ETH price fell below $3000 psychological resistance quickly. 
Also Read: <a href="https://coingape.com/coinbase-secures-largest-ad-space-ever-liquid-death-cases-500k/" target="_blank" rel="noopener">Coinbase Secures Largest Ad Space Ever on Liquid Death Cases for $500k</a> 
<h2 id="btc-and-eth-futures-and-price-expectations">BTC and ETH Futures and Price Expectations</h2> 
Bitcoin and Ethereum rallies are strengthening because of spot Bitcoin ETF inflows and pre-Bitcoin halving sentiment. However, headwinds such as FOMC Minutes, Fed officials’ speeches, <a href="https://coingape.com/can-feds-preferred-gauge-pce-disappoint-too-after-cpi-comes-in-hot/" target="_blank" rel="noopener">PCE</a>, and other unforeseen events will put some pressure on the crypto market in the coming days. 
Ali Martinez shared that TD Sequential indicator shows a Bitcoin sell signal on the 3-day chart. “It’s important to note that the last two times this indicator signaled bearish, BTC experienced a 10% price correction!” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GG2j-R-XAAA5-jd?format=jpg&amp;name=4096x4096" alt="Image" width="676" height="455"> 
Crypto analyst Michael van de Poppe said he expects the primary scenario of bullish move to remain intact for BTC. However, he predicts a flush for liquidity on the downside before any upside continuation. In the case of Ethereum, he believes a strong continuation in the coming days, most probably until the <a href="https://coingape.com/ethereum-dencun-upgrade-mainnet-launch-slated-for-march-13/" target="_blank" rel="noopener">Dencun upgrade</a>.<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GG2QQ13W4AA_7dD?format=png&amp;name=large" alt="Image" width="746" height="377"> 
As per Coinglass data, total Bitcoin Futures open interest (OI) fell over 2.60% in last 24 hours, with OI down massively on CME and Binance. Meanwhile, total ETH Futures open interest (OI) jumped over 2% in the last 24 hours, but down 2% in the last 4 hours, indicating short-term bearish sentiment. 
Also Read: <a href="https://coingape.com/crypto-market-bleeds-reasons-why-bitcoin-eth-sol-xrp-fell-suddenly/" target="_blank" rel="noopener">Crypto Market Bleeds — Reasons Why Bitcoin, ETH, SOL, XRP Fell Suddenly</a> 
The post <a href="https://coingape.com/crypto-market-braces-for-6b-bitcoin-btc-ethereum-eth-options-expiry-what-to-expect/">Crypto Market Braces for $6B Bitcoin (BTC) &amp; Ethereum (ETH) Options Expiry, What to Expect?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Market Braces for $6B Bitcoin (BTC) & Ethereum (ETH) Options Expiry, What to Expect?

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