Bitcoin ETF

Bitcoin

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Bitcoin price could fall to the $63,000 mark on July 26 due to the expiry of over $3.9 billion worth of Bitcoin futures options.
Over $3.91 billion worth of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) futures options expired at 8:00 am UTC on top futures trading cryptocurrency exchange Deribit.
This sets Bitcoin’s “max pain point” to $63,000, which could trigger more downward pressure for the world’s first cryptocurrency.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/3f1d7449-1c58-4b36-bd7f-b7d2cc3fe649.jpeg" alt="Bitcoin price could hit $63K amid $3.9B futures expiry">
 <figcaption style="text-align: center;">BTC Options: Open interest by strike price. Source: <a href="https://x.com/DeribitExchange/status/1816422542430609793/photo/1" target="_blank" rel="noopener noreferrer nofollow">Deribit</a>
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Periods close to the expiration of options are often characterized by increased price volatility in the crypto markets. While the max pain point indicates the price at which most options contracts would expire worthless, it does not guarantee that the underlying asset will fall to that price.
Related: <a href="https://cointelegraph.com/news/marathon-digital-buys-100m-bitcoin-hodl-strategy" rel="noopener noreferrer nofollow">World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’</a>
<h2 data-ct-non-breakable="true" id="ether-etf-sell-the-news-event-is-tanking-ether-price-analyst">Ether ETF sell-the-news event is tanking Ether price: Analyst</h2>
A total of $5.48 billion worth of cryptocurrency options expired on Deribit, of which $1.57 billion were Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) options.
Despite the launch of the first spot Ether exchange-traded funds (ETFs) on July 23, Ether has been struggling to gain momentum.
Ether price rose over 2.3% on the daily chart, but is down over 4.5% over the past week, trading just below $3,250 as of 11:02 a.m. in UTC, according to CoinMarketCap <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/37690528-eb85-427a-a2c8-dc7d2c3f6f58.png" alt="Bitcoin price could hit $63K amid $3.9B futures expiry">
 <figcaption style="text-align: center;">ETH/USDT, 1-day chart. Source: CoinMarketCap
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The reason behind Ether’s sluggish price action is a sell-the-news event around Ether ETFs, according to Bitfinex analysts, who told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “An Ethereum ETF sell-the-news effect is in motion. Global ETH open interest is down $1.17B after peaking on July 23rd just before the launch of the product. A lot of futures and perpetual positions that were added in anticipation of the ETF launch driving the price up are now capitulating positions.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/franklin-templeton-sbi-holdings-launch-crypto-etf-japan" rel="noopener noreferrer nofollow">Japan crypto ETFs boosted by Franklin Templeton and SBI Holdings partnership</a>
<h2 data-ct-non-breakable="true" id="bitcoin-price-needs-to-hold-above-65-000-for-more-upside-analyst">Bitcoin price needs to hold above $65,000 for more upside: Analyst</h2>
Bitcoin needs to hold above the current $65,000 mark, which acts as a key support, according to popular crypto analyst Rekt Capital.
The analyst <a href="https://x.com/rektcapital/status/1816749734268149839/photo/1" target="_blank" rel="noopener noreferrer nofollow">wrote</a> in a July 26 X post to his 483,000 followers:
<blockquote data-ct-non-breakable="true">
 “The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65000-$71500 region (red).”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/a046e501-68c0-4e63-856d-3eb74d20d2c3.png" alt="Bitcoin price could hit $63K amid $3.9B futures expiry">
 <figcaption style="text-align: center;">BTC/USD, 1-day chart. Source: <a href="https://x.com/rektcapital/status/1816749734268149839/photo/1" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital</a>
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Positive Bitcoin ETF inflows could contribute to Bitcoin’s momentum. The US Bitcoin ETFs have recorded their second consecutive day of positive inflows, worth a cumulative $31.1 million on July 25, <a href="https://farside.co.uk/?p=997%5D" target="_blank" rel="noopener noreferrer nofollow">according</a> to Farside Investors.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/49a3f0c0-5d74-4162-b148-f2e9d7dcd697.png" alt="Bitcoin price could hit $63K amid $3.9B futures expiry">
 <figcaption style="text-align: center;">US Bitcoin ETF inflows. Source: Farside Investors
 </figcaption>
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Magazine: <a href="https://cointelegraph.com/magazine/toyota-ethereum-mobility-hong-kong-inverse-bitcoin-etf-asia-express/" rel="noopener noreferrer nofollow">Toyota’s love for Ethereum, HK nods inverse Bitcoin ETF, stablecoin: Asia Express</a>

Bitcoin price could hit $63K amid $3.9B futures expiry

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Cointelegraph

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