- BTC and ETH long contracts were far more than shorts, but these positions’ expiration could mark the highest in months.
- The Put Call Ratio of both assets remained bullish despite rising concerns.
With the cryptocurrency market buzzing with increased activity, about $7.2 billion in Bitcoin [BTC] and Ethereum [ETH] options contracts may be set to expire. According to Greeks.live, ETH accounted for $2.3 billion out of the value while BTC’s share was $4.9 billion as per the monthly open contracts.
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Calls peg Puts back
Over the last 30 days, Bitcoin’s price has had a cumulative 12.31% increase. The coin’s rise above $30,000 improved traders’ enthusiasm about the price action. Consequently, this has kept the Put Call Ratio (PCR) at 0.56.
For context, the Put Call Ratio helps traders to understand the sentiment of the options market based on the options open contracts and trading volume.
Also, a Call option aligns with a coin purchase at an agreed price upon contract expiry. On the other hand, a Put option gives the right to sell an asset in the same circumstance.
So, when the PCR is below a value of 1, it means that there are more Call options than Puts. This means that traders are betting on the market to be bullish.
Conversely, when the PCR is substantially higher than 1, it implies that more Put options than Calls. Here, the broader
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Author: Victor Olanrewaju
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