Bears Gain Advantage Ahead of $9 Billion Bitcoin Options Expiry
- Bitcoin (BTC) retested the $72,500 level, resulting in $342 million in liquidations for bullish positions.
- If Bitcoin remains below $74,000 by Friday’s expiry, only $306 million in call options will be in the money.
- Put options targeting $74,000 or higher total $1.05 billion, indicating a strong bearish sentiment.
- The Bitcoin options put-to-call volume ratio was at 0.8, reflecting a neutral market setup.
- The likelihood of Bitcoin reaching $80,000 by June is only at 18%, attributed to recent ETF outflows totaling $1.07 billion.
Market conditions are tense as bears gain control ahead of the significant options expiry on Friday at UTC time. The substantial outflows from spot Bitcoin ETFs and corporate reductions in BTC holdings have contributed to this bearish outlook.
With only $306 million worth of call options potentially remaining profitable if Bitcoin stays under $74,000, bears clearly dominate the market dynamics heading into the expiry.(Source)
