Thursday marked a significant day for Bitcoin (BTC) and Ethereum (ETH) options, with substantial expiries set for October 6. The Put Call Ratios stand at 0.89 and 0.87 respectively, with maxpain points indicating $27,000 for BTC and $1,650 for ETH. Historical data from the fourth quarter suggests a potential uptrend could be on the horizon.
This follows last week's event on Thursday when 118,000 BTC and 1.11 million ETH options expired. These had notional values of $3.2 billion and $1.8 billion respectively, with Put Call Ratios of 0.58 and 0.46, and maxpain points at $26,500 for BTC and $1,650 for ETH.
Interestingly, despite the uptrend role of BTC, implied volatilities have remained subdued. This subdued volatility could indicate market stability amid these large-scale option expiries.
The upcoming expiry and potential uptrend align with previous patterns observed in the cryptocurrency markets, particularly during the fourth quarter of the year. However, as always in the volatile world of cryptocurrencies, market participants will be closely monitoring these developments.
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