Crypto Market News: The recent crypto market rally came just before a large chunk of Bitcoin and Ethereum options closed, which could pave the way for significant volatility. About 40% of the average daily volume in the options market is dominated by quarterly Bitcoin and Ethereum positions. Therefore, the crypto market it could well have a huge advantage in crypto asset prices.
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The recent demonstration in bitcoin price It came after back-to-back lawsuits against cryptocurrency exchanges Coinbase and Binance, after which the cryptocurrency market seemed largely unfazed in terms of price changes.
Quarterly Due Week
Options market data suggests that a large portion of the quarterly BTC and ETH positions represent open interest at expiration. Therefore, this could have an impact on the market movement when the positions expire on Friday, June 30, 2023. According to numbers by Amber Data,
โ150,633 BTC options contracts worth $4.57 billion and $1.23 million ETH contracts worth $2.3 billion will expire on Deribit Exchange.โ
Formerly CoinGape reported that Bitcoin price rally could help break $31,150. From the current level, it would be a jump of around 5% to hit the target price, which was peaked during the March 2023 rally when the US regional banking crisis dominated financial markets.
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