Bitcoin (BTC) and Ethereum (ETH) option contracts totaling $10.18 billion are reaching their expiration date on Deribit, a prominent crypto derivatives trading platform.
This significant event, set for Friday at 11:00 a.m. (EDT), represents more than 40% of Deribit’s current open interest, which stands at more than $23 billion.
Such significant option expirations every three months typically lead to increased volatility in the market due to significant trading volumes and the rebalancing of positions by traders.
Bitcoin faced a recent drop of nearly 9% this month, dipping below $60,000, attracting buying interest from opportunistic investors. Ethereum suffered a similar drop of nearly 10% during that period.
Despite the market’s recent decline, traders are optimistic as they are willing to pay higher premiums for both short-term and long-term calls compared to puts, indicative of bullish sentiment.
BTC is currently trading at $60,958, marking a decline of 2.24% over the past 24 hours, while ETH is down 1.14%, hovering around $3,375.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.