- Options expiring soon of 18,000 BTC and 320,000 ETH will affect market dynamics.
- ETH battles with lower market confidence, but BTC displays strength with ETF inflows.
The crypto market is about to see a big event on May 17th when large BTC and ETH options expire. It is specifically the case that 18,000 Bitcoin options with a Put Call Ratio of 0.63, a Maxpain point of $63,000, and a nominal value of $1.2 billion are about to mature.
A Put Call Ratio of 0.28, a Maxpain price of $3,000, and a nominal value of $930 million are also slated to expire with 320,000 ETH options, according to GreeksLive.
Sentiment in the Market and Current Developments
Due in large part to the US meme wave, the BTC market has demonstrated strength. With this flood, Bitcoin is now valued over $65,000. Still, the larger cryptocurrency market outside of this trend has shown weakness, with falling trading volumes. This is clear from the differences in the options data for ETH and BTC.
According to The Block analysis, there is now a sideways trend instead of the implied volatility (IV) decline across main terms. This implies that there isn’t much space for more falls just now.
Whereas ETH exhibits weaker price action, which reduces market trust, BTC’s market is balanced between long and short holdings. In the ETH market, call sales have taken the stage.
Impact of the CPI Data
Notably volatile conditions in the cryptocurrency market followed the release of the Consumer Price Index (CPI) data, which surpassed market expectations, following reports from ETHNews. As of right now, the Maxpain point for Bitcoin is $62,000, up 4%.
This change put some short-term sellers in the hedging zone. The options market answered by pushing IV up significantly in all of the key terms, hitting new monthly highs. Major term options IV had dropped to new lows for the year because to the prior flat market, which made them very affordable for buyers.
According to the most recent CoinGecko data, the price of BTC is trading around $66,171.47, down 0.12% in the last day but up 4.66% in the last week.