Today, over $10 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expired amid mixed bullish and bearish sentiment.
This expiry is particularly notable given the backdrop of macroeconomic developments and ongoing political changes influencing market expectations.
Breakdown of Expired $8.38B Bitcoin Options
Today, 80,000 BTC options worth $8.38 billion expired with a Put-Call Ratio of 0.68. This expiration figure notably surpasses the 31,000 BTC expiry recorded last week following Donald Trump’s crypto executive order.
The latest figure comes amid a volatile week for Bitcoin. At one point, Bitcoin dropped to $97K, then rebounded to $106K before stabilizing. As of press time, Bitcoin is trading at $104,707, with a weekly decline of 0.67%.
Notably, the recent intra-week price boost followed monetary policy announcements from the U.S. and Europe. On Thursday, the U.S. Federal Reserve decided to maintain interest rates, which sparked a price surge to $105K.
Later in the day, the European Central Bank announced a 25-basis point rate cut, triggering further advancement to $106K.
Although these policies briefly boosted the Bitcoin market, the excitement quickly faded. Meanwhile, Ethereum has seen a more varied sentiment.
ETH Options See $1.96B Expiry
In the Ethereum derivatives market, 603,000 ETH options expired, representing a notional value of $1.96 billion. The Put-Call Ratio for ETH is more optimistic at 0.43, indicating a stronger preference for calls over puts.
Earlier this week, Ethereum nearly dipped below the $3,000 mark but has since rebounded to $3,353, showing a 4.4% increase in the past 24 hours.
Political Factors Weighing on Crypto
In its commentary, Greeks.live highlighted that broader macroeconomic factors are also playing a major role in shaping the crypto market.
Notably, many expected the excitement surrounding Donald Trump’s inauguration as the 47th U.S. president to drive capital inflows. However, the market has instead experienced predominantly mild shifts.
According to Greeks.live, this is due to a combination of slow policy releases and the promotion of meme coins by political leaders, which have reportedly undermined confidence in the market’s fundamentals.
However, the trading firm noted that the long-term outlook remains mildly optimistic. Overall, the crypto sector hopes to benefit from the future implementation of policy shifts under the new U.S. administration and ETF inflows.