Bitcoin Options Expiring Today: Latest On-chain Data!

• The world’s largest cryptocurrency, Bitcoin (BTC), experienced an extraordinary price rally this week, reaching up to $64,000.
• The Put Call Ratio for BTC options is at 1.49, with the Max Pain point indicated at $55,000 for BTC.
• Bitcoin’s rise above $64,000 and the increase in significant implied volatility (IV) trends have reached levels last seen in January 2024 and March 2023.

Today marks the expiration of Bitcoin options; what do option data and current on-chain data suggest for the BTC price?

Bitcoin Options Expiring: Here’s the Option Data!

The world’s largest cryptocurrency, Bitcoin (BTC), saw an extraordinary price rally this week, reaching up to $64,000. Since then, there has been a slight pullback in the Bitcoin price, and it is currently trading around $62,170, with a market cap of $1.2 trillion. Weekly Bitcoin options are expiring today, and traders are expecting some volatility in the near future.

As crypto options near expiration, significant figures emerge in the market landscape. A total of 19,000 Bitcoin (BTC) options, with a nominal value of $2 billion, are expiring, with a combined nominal value of $790 million. The Put Call Ratio for BTC options is at 1.49, with the Max Pain point indicated at $55,000 for BTC.

This news coincides with the middle of a turbulent week in the crypto markets. Bitcoin’s rise above $64,000 and the increase in significant implied volatility (IV) trends have reached levels last seen in January 2024 and March 2023.

The factor driving bullish sentiment in the spot market is the Bitcoin ETF, which has seen notable gains this week. However, despite modest increases in Bitcoin options volume and positions, buyers are increasingly turning to spot-protected strategies, contributing to a robust market structure.

Bitcoin currently controls more than 50% of the total cryptocurrency market and is expected to shift attention to Ethereum as the bull market progresses, according to reports from Greeks.Live.

BTC Whales Selling

According to crypto analyst Ali Martinez, there has been a significant increase in profit-taking among Bitcoin whales. In the last three days, 80,000 BTC, approximately $4.8 billion, have been sold. Investors and traders should be cautious in response to this development.

On the other hand, outflows from Grayscale’s GBTC ETF continue to increase again this week, doubling each subsequent day. According to data from Fariside, outflows from GBTC on Thursday, February 29, exceeded $600 million. Nevertheless, inflows continue strongly, with BlackRock’s IBIT leading by a wide margin. As of Thursday, total inflows into spot Bitcoin ETFs have reached $510 million.