As the approval of the spot Ethereum ETF continues to stir volatility, investors are closely monitoring Ethereum’s price movements with a significant batch of Ethereum options set to expire today. Ethereum has shown resilience, recovering 3% from recent lows and currently trading around $3,250.
Significant Options Expiry on the Horizon
According to data from Deribit, today’s expiration includes 499,811 Ethereum options with a notional value of $1.622 billion. The max pain point, the strike price at which the largest number of options would expire worthlessly, causing the most financial loss to option holders, is $3,300.
This expiration comes as the Ethereum market exhibits strong optimism, evident from a put-call ratio of 0.46. This ratio shows a heavy preference for calls over puts, indicating that most traders are betting on Ethereum’s price rising rather than falling.
Ethereum’s Reaction to ETF Approval
Ethereum’s price dynamics post-ETF approval mimic Bitcoin’s behavior following its own ETF approval in January, which saw a period of stagnation followed by a robust rally. Similar expectations are set for Ethereum, with analysts predicting a potential uptrend by the end of August.
In terms of on-chain activity, data from CryptoQuant highlights significant movements of Ethereum to and from Coinbase. Over the past two days, 160,930 ETH entered Coinbase, while 47,811 ETH left, resulting in a net influx that could potentially increase selling pressure on the market.
Bitcoin Also Sees Optimism
In parallel, Bitcoin options are also experiencing significant activity, with 265,717.50 options due to expire today, representing a notional value of $18.6 billion. The put-call ratio for Bitcoin stands at 0.44, further underscoring the market’s bullish sentiment as Bitcoin climbs back above $67,000 following a positive response from the recent Bitcoin Conference.
As both Ethereum and Bitcoin navigate through these pivotal events, the crypto community remains vigilant, watching for signs of either continued recovery or further corrections in response to these market catalysts.
