Ethereum

Bitcoin

Notable

<p>The world’s largest cryptocurrency Bitcoin (BTC) had a phenomenal price rally this week shooting all the way to $64,000. Since then, the <a href="https://coingape.com/bitcoin-crash-key-reasons-behind-btc-retreat-after-rallying-to-64k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has faced some retracement and currently trading at $61,158 levels with a market cap of $1.2 trillion. Today is the weekly Bitcoin options expiry with traders expecting some volatility going ahead.</p>
<h3 id="bitcoin-options-expiry-hints-at-notable-market-trend">Bitcoin Options Expiry Hints At Notable Market Trend</h3>
<p>As the expiration of cryptocurrency options approaches, significant figures emerge in the market landscape. A total of 19,000 Bitcoin (BTC) options, valued at a notional value of $2 billion, are set to expire with a combined notional value of $790 million. The Put Call Ratio stands at 1.49 for BTC options while the Maxpain point is indicated at $55,000 for BTC.</p>
<p>This news comes amidst an eventful week in crypto markets, marked by Bitcoin’s surge to over $64,000 and a noticeable uptrend in major term implied volatilities (IVs), reaching levels last seen in January 2024 and March 2023.</p>
<p>Driving the bullish sentiment in the spot market is the <a href="https://coingape.com/spot-bitcoin-etf-notes-largest-net-inflow-677-million-on-supply-shock/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF</a>, which has experienced remarkable gains this week. However, despite modest rises inBitcoin options volume and positions, buyers are increasingly adopting spot-protected strategies, contributing to a robust market structure. Bitcoin now commands over 50% of the total cryptocurrency market share, while attention is expected to shift towards Ethereum as the bull market progresses, reports <a rel="noopener noreferrer nofollow" href="https://twitter.com/GreeksLive/status/1763409297181126833" target="_blank">Greeks.Live</a>.</p>
<h3 id="btc-whales-on-selling-spree">BTC Whales on Selling Spree</h3>
<p>According to crypto analyst Ali Martinez, there’s been a notable surge in profit-taking among Bitcoin whales. Over the last three days, they’ve offloaded over 80,000 BTC, equivalent to about $4.8 billion. Investors and traders should exercise caution in light of this development.</p>
<figure id="attachment_183402" aria-describedby="caption-attachment-183402" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-183402" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking.jpeg" alt="" width="2870" height="1288" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking.jpeg 2870w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-300x135.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-1224x549.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-768x345.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-1536x689.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-2048x919.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-whales-Profit-Booking-150x67.jpeg 150w" sizes="(max-width: 2870px) 100vw, 2870px">
 <figcaption id="caption-attachment-183402" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1763214726174044268" target="_blank">Ali Martinez</a>
 </figcaption>
</figure>
<p>On the other hand, outflows from the Grayscale’s GBTC ETF continue to rise once again this week, doubling every next day. As per <a rel="noopener noreferrer nofollow" href="https://farside.co.uk/?p=997" target="_blank">data</a> from Farside investors, the GBTC outflows on Thursday, February 29, stood at a staggering $600 million. Despite this, the inflows continue to remain strong with BlackRock’s IBIT leading by a huge margin. The total inflows into spot Bitcoin ETFs as of Thursday stood at $510 million.</p>
<p>The post <a href="https://coingape.com/bitcoin-options-expiry-today-btc-price-max-pain-point-at-55k/" rel="noopener noreferrer nofollow">Bitcoin Options Expiry Today, BTC Price Max Pain Point At $55K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin Options Expiry Today, BTC Price Max Pain Point At $55K

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