Over 18,600 BTC and 164,000 ETH options to expire today – A new low inbound!!!

Bitcoin (BTC) has been trading at 4-month lows in the last 18 hours. So much is happening all at once. Earlier today, Mt. Gox moved Bitcoin worth $2.6 million. The defunct Japanese crypto exchange has officially started paying out its clients. The German government has additionally dumped more Bitcoin.

Also Read: Mt. Gox moves Bitcoin worth $2.7B to a new wallet address

Well, that’s not all. Bad news: 18,629 Bitcoin options and 164,094 ETH options are set to expire on July 5, 2024. Safe to say that crypto traders have not seen the crypto market lows just yet.

BTC heads for new lows

The expiry of Bitcoin and Ethereum options today has put heavy selling pressure on the crypto market. At the time of this writing, Bitcoin is worth $54,522.69 today, which is a 5.3% decline in the last 24 hours. Bitcoin has dropped its market share by 11.3% within 7 days. 

In addition, the global crypto market cap sits at $2.08 trillion today, having bled 7.28% in the last 24 hours.

Source: Deribit Metrics

18,629 BTC options with a Nominal Value of $1,010,393 billion are set to expire on Deribit, with a put-call ratio of 0.66. The max pain is at $61,500 as Bitcoin remains under selling pressure. 

On the other hand, Mt. Gox moved BTC worth $2.7 billion this morning and has already started paying its creditors. In addition, the German government has dumped more BTC ahead of the negative weekend market sentiments.

ETH sets new lows under $3,000

The second-largest cryptocurrency, Ethereum, has lost its support at $3,000. At the time of this writing, Ethereum (ETH) is worth $2,919.32, a 6.9% decline in the last 24 hours. The value of ETH today is 15.1% lower than its value seven days ago. 

Despite its light comments on issuers’ S-1 drafts, the United States SEC has yet to approve spot ETH ETFs following the US Independence Day holiday. To that end, Bloomberg analyst James Seyffart has moved his ETH ETF approval date to the coming weekend.

Also Read: How low can the Bitcoin price go? BTC falls near $50K

The SEC approved spot ETH ETF issuers’ 19b-4 filings in May, but they must also sign off on their S-1s before the products go live.

According to data from Lookonchain, a whale who longed ETH through the Compound protocol is about to be liquidated. The whale deposited 12,734 ETH worth $40 million to Compound. The whale also borrowed $31.4 million worth of dollar-denominated stablecoins with a health

Source: Deribit Metrics

164,094 ETH options of a Notional Value of $470,925 million are set to expire. The put-call ratio is 0.35, and the max pain price is $3,350. This indicates massive losses for ETH investors at the current market value. 

$646 million liquidated from the crypto market

According to Coinglass, the recent market bleed has cleared out $646 million from the crypto market in the last 24 hours. The largest single liquidation order happened on Binance – ETH/USDT valued at $18.48 million

Source: Coinglass

In the last hour alone, BTC has been liquidated to the tune of $3.5 million, and ETH liquidations sit at $2.24 million. Data shows that short traders are being liquidated on huge numbers. Of the $11.4 million liquidations in the last hour, $10.07 million has been on short trades.

Cryptopolitan Reporting by Florence Muchai