On 19 June, a bitcoin worth about $2.13 billion and the Etheraf rights expired. On expiry, both BTC and ETH are below their respective maximum pain points and short-line emotions remain cautious. As the quarterly closing of June 26 approached, the derivatives market began to reassess the underlying support.

Size & Price

At the end of this period, Bitcoin options were valued at approximately $1.9 billion in nominal terms, involving approximately 31 million contracts, with an increase of 0.78 per cent at the peak of $65,000. The nominal value of the Taifeng right is approximately $230 million, involving approximately 138,000 contracts, with a drop-up ratio of 1.03 and a maximum pain point of $1725.

At the time of expiry, bitcoin transactions were in the vicinity of $6.25 million and the Ethera was in the vicinity of $1690, all below the corresponding pain point area. This means that many contracts have failed to return to a position more favourable to the buyer.

60,000 to 63,000 dollars remain the focus

Bitcoin rebounded in the vicinity of $67,000 earlier this week, but the kinetic energy was reduced and prices fell again by $63,000 before the expiry date. The market therefore continued to focus on 60,000 to 63 million United States dollars.

GreensLive believes that the $60 million implementation price remains one of the most critical positions at present. According to the agency, if prices continue to fall at this level, market hedges may increase downside pressure and thus increase short-line fluctuations.

ETF Money and a large deal to suppress emotions

In addition to the options factor, the slowdown in spot bitcoin ETF financial flows has also weakened the market. Since the product was listed, spot ETFs have been one of the important sources of institutional demand, and the recent withdrawal of this part of the purchase has slowed down.

At the same time, markets are digesting other sales pressures. It was mentioned that Strategy ' s earlier small-scale bitcoin sale had raised some concerns among traders, but analysts believed that ETF outflows and whale sales boards had had a greater impact on the current downturn.

In a context of weak liquidity and falling prices, traders ' positions are more of a downside protection rather than pursuing higher performance prices.

The next quarter's more focused.

This week ' s maturity is lower than last week, but next week ' s quarterly settlement is due. About 15 per cent of the options hold plan expired on 26 June, and this point is becoming the next focus of observation in the derivatives market.

At present, there is still a large gap in the proximity of $80,000, while the proximity of $60,000 has brought together additional downside protection needs. This reflects, on the one hand, the retention of medium- and long-term up-to-date bets on the market and, on the other hand, the continued preparation for short-term fallback.

Laevitas states that market volatility has slowed in the recent past, weakening the implicit rate at the near end of Bitcoin. However, the preference for options remains negative, suggesting that the attention given by traders to downside risks is still higher than that given to upside opportunities.

For the Ether Workshop, the vicinity of $1700 remains a critical short-term area. If ETH is unable to get back on board $1725, its price pressure may continue to point between $1650 and $1600.