Bitcoin News

Bitcoin Price Even Up To $8k Won’t Help Bears Ahead Of $1 BTC Expiry

The future of Bitcoin (BTC) and its expiry option have left the traders in doldrums as the price has swung over with no clear indication in the trend for the past one month or so. 
As aforementioned, the price has seen significant swing in recent times. For a marginal period of time, the price briefly broke the $10,000 mark in this month, but since it has dropped down below $9,000 on Wednesday night.

Traders have forgot the correlation between Bitcoin and S&P 500

In the near past, the correlation among crypto and traditional market looked like the real rage leading into Bitcoin halving, but as time progressed it looked like traders have forgotten the increase in Correlation between Bitcoin and S&P 500 could be the main cause of BTC’s price volatility. 

Total BTC futures open interest is over $3.8 billion

The current BTC futures open interest is over $3.8 billion. Meanwhile, the option markets open interest has reached an all-time high to $1.7 billion. But, at the moment, the main question lies at what is exactly behind the numbers?
The expiry date is set to June 26 and Bitcoin’s volatility is at the lowest level since the crash on March 12. The relatively low volatility is an indication that professional traders are not expecting huge price swings, diminishing the option market premiums. 

Derbit tops options market but CME is catching up

Following the CME with $439 million, Derbit has a total of $1.3 billion

At least 8,500 contracts put options which ranges from $8,500 to $12,000 strikes mostly. A drop in the price by 15% from the current $9,250 level to $7,865 would be adding only $11 million to the put option buyers profits. 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.