Key Highlights
Today marks the expiration of 32,000 Bitcoin options and 206,000 Ethereum options. Currently, Bitcoin is trading close to $61,000, while Ethereum is priced above $2,600.
Market Recovery Insights
In a recovering cryptocurrency market, Greeks.live has just released data regarding Bitcoin and Ethereum options set to expire today, August 9th. According to a post on X by the Greeks.live team, there are 32,000 BTC options expiring with a Put-Call ratio of 0.71, a Maxpain point of $60,000, and a notional value of $1.9 billion.
In addition, 206,000 ETH options are also expiring today, featuring a Put-Call ratio of 0.96, a Maxpain point of $2,950, and a notional value of $560 million.
Impact of Yen Rate Increases
The rise in Yen rates impacted the markets earlier this week, but a more relaxed stance from the Bank of Japan has rejuvenated positive sentiment, causing a sharp increase in the crypto market, primarily led by Bitcoin and Solana. Conversely, Ethereum ETFs have performed poorly since their launch.
Greeks.live further notes that implied volatilities are on the decline but remain elevated compared to pre-market crash levels. Given the heightened volatility, it’s challenging for implied volatilities to drop sharply in the short term.
Current Price Overview
As of this writing, Bitcoin is trading close to $61,000, reflecting a nearly 7% increase in the past 24 hours. Bitcoin started the week with a dip below $50,000 on August 5th, but the price rebounded quickly above that mark. During the market downturn, Bitcoin saw a significant liquidation of speculators, totaling $365 million in both long and short positions.
On August 8th, CryptoQuant tweeted that demand for Bitcoin is once again rising in the U.S., noting that the Coinbase Premium Index has turned positive again. High premium values could indicate strong buying pressure from American investors on Coinbase.
Ethereum Price Dynamics
Regarding Ethereum’s price, as of this article’s writing, the coin is trading at over $2,680, marking an increase of more than 10% today. On August 5th, dubbed Crypto Black Monday by some analysts, Ethereum’s price plummeted to levels below $2,200 but has since managed to recover.
