Two rounds of options have expired for crypto assets Bitcoin (BTC) and Ethereum (ETH). The recent expiry of 18000 BTC options on a ratio of 0.91 showed greatest pain point at $62K and total nominal value near $1.1 billion. A similar event occurred for a figure of 212000 ETH options on October 11th, where this ratio stood at 0.4, with highest pain point at $2K and nominal value neared $510 million.
In the field of cryptocurrency market, fierce competition has caused the current weak state of operations. The options market is reflecting a dull trend as data shows its current holdings to touch a 23-year low as of the first two-weeks of the fourth quarter ending this year. The market dynamics hint at an overnight shift from the current low levels of investments. This sluggish market, however, also brings scope for trading opportunities. For one, the market’s implied volatility on November 8 of BTC, stands at a 0.5. This can spark interest among investors for crafting mid-term to longer-term positions at the available low points.
Addition to this, an increase in trading activity from large bullish options has been recorded this week, largely due to an upcoming event the U.S. election. BTC’s key resistance range is holding at $60000 while Ethereum remains not far from a long-term support lining of $2300.
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