Greeks.live: Options worth 24 billion dollars will expire today, weakening confidence in the crypto market

ChainCatcher message, according to Greeks.live data, 23,000 BTC options will expire today with the maximum pain point at $61,000 and a nominal value of $1.4 billion. Also, 330,000 ETH options are set to expire today with the maximum pain point at $3,000 and a nominal value of $1 billion.

Adam from Greeks.live research stated that this week's crypto market continues to decline as BTC broke through the key level of $60,000 creating a new low since March which clearly shows its weakness. The listing of Hong Kong ETF did not bring much increment while US stock BTC ETF continued outflows leading to weakened market confidence. The implied volatility (IV) for all major terms also continues to drop; however current IV levels are on par with average levels during winter bull markets providing some support making it cost-effective for purchases now. It is unlikely that the current position will continue sideways trading; if there is no rebound then it must be in mid-decline phase indicating whales lack confidence in future markets hence large transactions deserve more attention.