Bitcoin Whales Rise as BTC Options Expiration Hints at Bullish Sentiment

The crypto options expiration, dated the 25th of October, yielded varied results for Bitcoin [BTC] and Ethereum [ETH], according to data from Greeks.live.

Crypto options expiration, dated 25 October, saw varied results for Bitcoin (BTC) and Ethereum (ETH), as highlighted by data from Greeks.live.

The expiration event, collectively valued at $5.28 billion, showcased contrasting investor behavior for the two leading cryptocurrencies.

BTC options expiration

On 25 October, a total of 63,000 Bitcoin options contracts expired, displaying a Put-Call Ratio of 0.66, indicating an overall bullish sentiment among traders.

The ratio highlighted that the number of call options outweighed the put options, suggesting that traders were largely anticipating upward price movements.

Furthermore, the Max Pain point, where the highest number of options would expire worthless, was recorded at $64,000.

At the time of expiration, Bitcoin was trading around $67,000, having retraced from a recent high of $68,000. However, BTC remained in close proximity to its all-time high of $70,000.

Bitcoin’s implied volatility (IV) — dated 8 November — was seen stabilizing at 55%, presenting a potential opportunity for traders as they factored in the U.S. elections, which were anticipated to introduce substantial market shifts.

Rise in Bitcoin whales

In line with the bullish sentiment, recent data from Santiment revealed a rise in the number of Bitcoin whales over the past two weeks.

During this period, a total of 297 new wallets holding at least 100 BTC were added, reflecting an increase of 1.93% and bringing the total number of such wallets to 16,338.

Historically, an increase in large Bitcoin holders has often coincided with periods of sustained upward price momentum, suggesting the potential for further gains for Bitcoin.

The rise in whale addresses corresponded with Bitcoin’s recent price action, where it briefly surpassed $68,000 before a minor correction back to $67,000.

This whale accumulation could indicate continued interest among large investors, potentially bolstering Bitcoin’s resilience ahead of the anticipated market volatility in November.

ETH options expiration

Coinciding with the BTC options expiration, a total of 403,426 Ethereum options contracts also expired on 25 October.

The Put-Call Ratio for ETH options stood at 0.97, reflecting a nearly balanced sentiment between bullish and bearish positions.

The Max Pain point was set at $2,600, indicating the price at which the highest number of options would expire worthless.

At the time of writing, ETH was trading at $2,468, close to its Max Pain point, suggesting limited price movement.

The notional value of expired ETH options amounted to $1.02 billion, highlighting Ethereum’s significant market presence, although its performance remained more stagnant compared to Bitcoin.

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