2023-05-25 08:26:41

Important Development That Will Affect Bitcoin Price

The negative outlook in the cryptocurrency market continues. Risky assets have been under selling pressure for some time due to the debt limit crisis in the US. Bitcoin, which rose above $ 27,000 during the week, fell to $ 25,800.

In the crypto money market, the eyes are turned to options that will expire tomorrow. According to the data, $3.6 billion worth of Bitcoin and Ethereum (ETH) options contracts expire tomorrow. It is stated that 85,000 BTC contracts are worth $2.3 billion, while 700,000 ETH contracts are worth $1.3 billion.

Although calls (call options) constitute a large portion of Bitcoin contracts, such as $ 1.64 billion, these contracts are unlikely to be realized due to low volatility. The impact may remain minimal, according to Luuk Strijers, CCO of Deribit, where the majority of options trading takes place.

According to the contracts, the price of Bitcoin above $27,000 will be in favor of the bulls, while the price below $26,000 will benefit the bears. At closes around $25,700, bears are expected to make $180 million in profits on options contracts.
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