Bitcoin ETF

Bitcoin

Over $9.4 billion worth of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) options are set to expire on the Deribit cryptocurrency exchange on March 29, with some analysts suggesting that Bitcoin’s “max pain” price could be around the $50,000 range.&nbsp;
<h2 id="max-pain-bitcoin-price-closer-to-50-000">Max pain Bitcoin price closer to $50,000</h2>
Over 134,000 BTC worth of open interest is set to expire on the Deribit exchange at 8:00 am UTC on March 29, suggesting a max pain price of $50,000, according to data <a href="https://twitter.com/cryptounfolded/status/1772931664156795223" target="_blank" rel="noopener nofollow">shared</a> by Unfolded in a March 27 X&nbsp;post.
Related: <a href="https://cointelegraph.com/news/btc-accumulation-restarted-coinbase-btc-supply-9-year-low">Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low</a>
The max pain price is the strike price with the most open <a href="https://cointelegraph.com/news/how-to-buy-and-sell-bitcoin-options">Bitcoin options</a> contracts (puts and calls), at which the given asset would cause financial losses for most option holders at expiration.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/d6f27b09-f311-498a-8e15-c719a78154da.jpeg" alt="" title="">
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 BTC options: open interest by strike price. Source: Unfolded
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Bitcoin could potentially see a correction to the $51,000 mark if inflows in spot Bitcoin exchange-traded funds (ETFs) slow down, according to Ki Young Ju, founder and CEO of CryptoQuant, who <a href="https://twitter.com/ki_young_ju/status/1771038205623865426" target="_blank" rel="noopener nofollow">wrote</a> in a March 22 X post:
<blockquote data-ct-non-breakable="true">
 “New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7654e5c8-5ea8-46aa-aef8-48f4410da7de.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF historical netflow trend chart. Source: Ki Young Ju
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After five consecutive days of negative outflows last week, the U.S. spot Bitcoin ETFs saw over <a href="https://cointelegraph.com/news/bitcoin-etfs-15-m-btc-price-best-close-10-days">$15 million worth of net flows</a> on March 25, the same day Bitcoin price recorded its highest daily close of above $69,000 in the past 10 days. The 10 Bitcoin ETFs saw a combined net inflow of <a href="https://cointelegraph.com/news/spot-bitcoin-etf-inflows-back-in-black-418-million">$418 million</a> on March 26.
<h2 id="is-the-pre-halving-bitcoin-correction-over">Is the pre-halving Bitcoin correction over?</h2>
Bitcoin’s pre-halving price correction occurred in line with previous historical retraces ahead of the halving, according to analyst Rekt Capital, who <a href="https://twitter.com/rektcapital/status/1772317556516217284" target="_blank" rel="noopener nofollow">wrote</a> in a March 25 X post:
<blockquote data-ct-non-breakable="true">
 “The Pre-Halving Retrace occurred right on schedule. And now Bitcoin is back to $70,000.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7a67dd80-27a4-420a-990f-35cd4759224c.jpeg" alt="" title="">
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 BTC/USD, 1-week chart. Source: Rekt Capital
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Bitcoin price could break out toward new all-time highs if the old all-time high of $69,000 is flipped into support, <a href="https://www.youtube.com/watch?v=44kPaE6umxM" target="_blank" rel="noopener nofollow">said</a> Rekt Capital in a March 26 video analysis:
<blockquote data-ct-non-breakable="true">
 “Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”
</blockquote>
Last week’s Bitcoin price correction suggests that the price has already formed a local bottom, or is close to doing so, according to a research note by Bitfinex analysts shared with Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “We believe the pullback last week for Bitcoin from its current all-time high of $73,666, and amounting to an approximate 17.5 percent correction, suggests we are close to establishing a local bottom - and indeed may have already done so.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Max pain $51K? Bitcoin options worth over $9.4B set to expire Friday

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