Bitcoin options traders are disinterested in August, as there is no huge catalyst. Bitcoin whale buy the BTC price fell to $63,000 earlier today.
The Bitcoin (BTC) price has recently come under selling pressure, following the US Fed meeting, where the central bank chose to maintain interest rates constant at 5.25%.
With significant volatility in the last 24 hours, the Bitcoin price has been fluctuating at about $64,000.
The Bitcoin options expiration of today is the focus of all attention.
Bitcoin Options Expiry
Major market movements are indicated by the fact that over 37,000 Bitcoin options are expiring later today, August 2, according to Greeks.Live data.
Today’s Bitcoin options expiry has a put-call ratio of 0.58, a Maxpain point of $66,000, and a notional value of $2.4 billion.
Recently, the crypto market has been in a state of decline due to the introduction of the spot Ethereum ETF and overall outflows.
Despite significant events, all major term implied volatilities (IVs) have seen substantial declines, with the Dvol index reaching its lowest point in 2024.
This indicates that the market has relatively low expectations in the wake of the ETF’s launch.
On the other hand, the recent underperformance of US stocks indicates that there is no significant momentum to support the market in August.
Many market analysts predict that the actual movement will occur after the Federal Reserve’s rate cut in September.
Consequently, some altcoin whales have begun purchasing dips in anticipation of the rate cut.
BTC Liquidations Before Options Expiry
Bitcoin has experienced significant volatility in the last 24 hours, plummeting below $62,000 before ultimately rebounding.
As the Bitcoin price plummeted below $63,000, a total of $2.5 billion in long liquidations occurred in the leveraged long positions.
Ali Martinez, a prominent crypto analyst, has stated that the bears will receive $2.4 billion in short position liquidations if the BTC price is able to rally to $70,440.
Conversely, the Bitcoin whales are once more investing in dips.
The wallet address “bc1qh” of a newly born whale has withdrawn 4,600 BTC from Bitfinex at about $63,209, a sum that is worth an astonishing $291 million, according to data from SpotonChain.
