500,000 contracts expire today, what’s next?

With Ethereum price showing high volatility around the Ethereum spot ETF approval, investors are closely watching the moves as Ethereum options expire later today. At press time, Ethereum has recovered 3% from yesterday’s lows and is currently trading around $3,250.

Ethereum Options Expiration

According to data from derivatives platform Deribit, a total of 499,811.00 Ethereum options are set to expire today with a notional value of $1.622 billion and a maximum pain point of $3,300. Here, the maximum pain point refers to the price that can inflict the most discomfort on option holders.

On the other hand, Deribit data shows that the put/call ratio is 0.46. This shows that there is a strong dominance of call options over put options. Thus, the current put/call ratio highlights that traders prefer to buy options rather than sell them, which underlines the general optimism of the market.

Courtesy: Derivative

THE Ethereum Price rebounded to $3,250 as part of the broader market rally earlier today. A day before ETH price crashed to its crucial $3,150 support in what appeared to be the news sell-off event following the approval of the Ethereum spot ETF. The spot Ether ETF recorded two consecutive days of outflows, with Grayscale’s ETHE bleeding heavily.

Read also : Ethereum Price Struggles After ETF Launch as Meme Coin Outperforms ETH YTD

Buying ETH dips?

As reported, Ethereum price has been under heavy selling pressure after ETF trading went live earlier this week. Analysts say that Ethereum is exhibiting the exact same behavior as Bitcoin after the approval of Bitcoin ETF

in January.

THE Bitcoin Price Ethereum price remained low for almost two weeks before resuming its path to a new all-time high. According to market analysts, Ethereum is expected to follow a similar move and start an uptrend by the end of August.

Analyzing on-chain data from CryptoQuant, over 160,930 people entered cryptocurrency exchange Coinbase in the past two days. While there were 47,811 ETH outflows during the same period, the net inflow of 113,119 Ether continues to put selling pressure on the altcoin.

“The Ethereum Netflow data may be a leading indicator as to whether Grayscale’s Spot ETF, ETHE, will continue to exert selling pressure for some time to come,” noted a Cryptoquant analyst.

Bitcoin Options Expiration

Data from Deribit shows that 265,717.50 Bitcoin options are set to expire today with a notional value of $18.6 billion and a put-call ratio of 0.44, showing further optimism for the future. Over the past 24 hours, BTC has recovered 5%, moving back above $67,000 amid optimism surrounding the recent Bitcoin Conference.

Read also : Peter Schiff Criticizes Trump for Supporting Bitcoin

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