Ethereum

bullish

Bitcoin

Drops

Billion

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin and altcoins face selling pressure post-FOMC meeting, with a monthly options expiry due on Oct. 31.</li>
 <li>Bitcoin’s price drops below $110K ahead of a $13.5 billion options expiry, while Ethereum options worth $2.5 billion are set to expire.</li>
</ul>
<p>After the Federal Open Market Committee (FOMC) meeting, Bitcoin and other cryptocurrencies have experienced selling pressure. The crypto market is also preparing for a monthly options expiry on October 31. Bitcoin options worth nearly $13.5 billion, along with Ethereum options valued at $2.5 billion, are set to expire today, indicating potential volatility in the market.</p>
<h2 id="bitcoin-price-drops-below-110k-ahead-of-options-expiry">Bitcoin Price Drops Below $110K Ahead of Options Expiry</h2>
<p>Bitcoin’s weekly price action demonstrates significant movement from the highs of $116,000 to the lows of $106,000. Furthermore, the inflow into spot Bitcoin ETFs has turned negative, indicating a decrease in institutional sentiment.</p>
<p>In the past 24 hours, the BTC price has reached the downside liquidity at $106,000 and surged from there, moving closer to $110,000. Data from the crypto derivatives platform Deribit reveals that a total of 124,171 Bitcoin options contracts, worth $13.59 billion, are due to expire in the upcoming cycle.</p>
<p>Deribit’s data shows a put-to-call ratio of 0.70, suggesting a mildly bullish market sentiment. Of the total open interest, 73,001 are call options and 51,171 are put options, reflecting stronger trader positioning on the upside.</p>
<p>The max pain point is set at $114,000. Historically, the BTC price moves to the max pain point as the expiry approaches. However, it first needs to break some important resistances in the mid-way.</p>
<p>Crypto analyst Ali Martinez has identified $112,340 as the key resistance level currently facing BTC. Martinez noted that breaching this level could determine the next major directional move for Bitcoin.</p>
<h2 id="ethereum-options-worth-2-5-billion-set-to-expire">Ethereum Options Worth $2.5 Billion Set to Expire</h2>
<p>Ethereum’s price has slipped under the $4,000 level due to continuous selling pressure. As of the latest update, the ETH price is trading at $3,837 levels with 646,902 contracts worth $2.49 billion set to expire.</p>
<p>The max pain level for Ethereum is set at $4,100, slightly above the current spot price. Similar to Bitcoin, Ethereum’s put-to-call ratio stands at 0.70, signaling a mildly bullish market sentiment. However, data from Deribit indicates a more defensive tone among traders.</p>
<p>Call open interest totals 381,462 contracts, exceeding the 265,440 put contracts. This suggests that while traders maintain upside exposure, others are simultaneously hedging against potential downside risks.</p>

Bitcoin and Ethereum Options Worth $16 Billion Set to Expire, Could Trigger Market Turbulence

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CoinEagle.com

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