Bitcoin Massive Contrast Set to Expire on August 2 During BTC’s Rollercoaster Ride
The recent US Fed meeting led to selling pressure on Bitcoin (BTC) as the central bank kept rates unchanged at 5.25%. The cryptocurrency’s price has been fluctuating around $64,000 with considerable volatility over the past 24 hours, and the focus is now on today’s Bitcoin options expiry.
With over 37,000 Bitcoin options set to expire on August 2, major market movements are expected. The put-call ratio stands at 0.58, the Maxpain point is $66,000, and the notional value is $2.4 billion, indicating potentially significant market shifts.
The crypto market has experienced a downturn following the launch of the spot Ethereum ETF and overall outflows. Despite important recent events, major term implied volatilities (IVs) have decreased significantly, with the Dvol index dropping to its lowest levels in 2024, suggesting low market expectations after the ETF launch.
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In contrast, US stocks have been underperforming, indicating limited momentum to support the market in August. Many analysts anticipate that significant movement will occur after the Fed rate cut in September, prompting some altcoin whales to start buying the dips in anticipation of the rate cut.
Over the last 24 hours, Bitcoin has seen substantial volatility, dropping below $62,000 before rebounding. This led to $2.5 billion in long liquidations from leveraged long positions. Analyst Ali Martinez predicts that if the BTC price rallies to $70,440, there could be $2.4 billion in short position liquidations.
Whale Activity
Meanwhile, Bitcoin whales have begun buying the dips once again. A newly emerged whale with the wallet address “bc1qh” withdrew 4,600 BTC, valued at approximately $291 million, from Bitfinex at around $63,209, indicating significant movement in the market.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
