- With a 20% increase, ETH beats BTC thanks to the success of ETFs and general optimism.
- Because of the strong selling pressure on call options, BTC is still balanced and reflects a steady market structure.
21,000 Bitcoin (BTC) options with a Put Call Ratio of 0.88, a Maxpain point of $67,000, and a notional value of $1.4 billion expire on May 24, according to Greek.Live, a platform that offers in-depth analysis and updates on bitcoin options data.
Conversely, with a Put Call Ratio of 0.58, a Maxpain point of $3,200, and a notional value of $1.3 billion, 350,000 ETH options are also due to expire. The information shows important positions and possible changes in the markets for both cryptocurrencies.
May 24 Options Data
21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion.
350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q— Greeks.live (@GreeksLive) May 24, 2024
Dominance and Market Behavior of Ethereum (ETH) has lately outperformed Bitcoin in terms of market performance, mostly because of developments with Ethereum ETFs. ETH had an incredible 20% increase in a single day; at its peak, short-term option implied volatility (IV) was 150% higher than that of Bitcoin for the same time frame.
Strong bullish attitude regarding ETH is reflected in this spike, which is fueled by positive block trading and ETF news. Calendar spreads are a better trading technique for ETH, though, because it is difficult to maintain such high levels of IV throughout key terms.
Balanced Market Structure of BTCÂ
On the other side, call options are under increased selling pressure and the market structure of Bitcoin seems more balanced between long and short positions. Comparing to ETH, this balance points to a more steady but less aggressively bullish future.
Bitcoin is now trading at about $66,979.06, down 3.66% in the last 24 hours according to CoinMarketCap data. BTC is still bullish over the last week, having risen 1.29% despite this brief decline. Still, its market cap is now less than $1.4 trillion.
The Bitcoin Spot ETF and individual investors
ETHNews’ latest revelation that retail investors own 85% of Bitcoin spot ETFs adds still another level of context and casts doubt on the idea of institutional domination in the Bitcoin market.
The large retail engagement highlights the general attraction and financial interest in Bitcoin among individual investors.