Crypto Market Faces Liquidations Ahead of Major Options Expiry
- The crypto market experienced $500 million in liquidations, with $410 million from long positions and $90 million from short positions in the last day.
- Over $2.2 billion in options for Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are set to expire today, coinciding with an $8.3 trillion ‘triple witching’ event.
- More than 122,000 traders were liquidated recently, with the largest single liquidation order of ETH valued at $10.49 million.
- Bitcoin’s max pain price is at $65,000, while current trading sits around $62,540 amid bearish sentiment reflected in a put-call ratio of 0.77.
- Ethereum options show a slightly bearish outlook with a put-call ratio of 1.03 and a max pain price at $1,725 against a current price of $1,693.
The ongoing volatility is attributed to the significant number of options expiring today and the recent market liquidations totaling over $150 billion this week. Traders are cautious as they navigate these conditions ahead of quarterly settlements.
With Bitcoin facing selloff risks and Ethereum’s max pain price indicating potential downward pressure, today’s events could further impact market stability.(Source)
