Markets
Crypto Markets Stumble Ahead of Friday’s Mammoth Options Expiration
Bitcoin and Ether options with a notional value of more than $10 billion will expire on June 28.
Markets fell slightly on Wednesday amid choppy trading as traders awaited US economic data ahead of major options expiry on Friday.
Bitcoin fell 1% to $61,000 in the last 24 hours, while Ether is trading almost 2% lower. About that, Solana fell 2% after rising 8% yesterday.
BTC Price
Most of the top 100 digital assets by market cap are in the red or flat today, with the exception of Fetch.ai (FET), Notcoin (NOT), and SingularityNET (AGIX), which are up 5% or more. Recently launched tokens from ZkSync (ZK) It is LayerZero (ZRO) continue to bleed.
Sideways price action occurs as Bitcoin options have a notional value of $6.6 billion – representing more than 40% of total open interest, according to the options platform Debt – expire on June 28th.
Almost half of the outstanding balance Ether Options worth nearly $3.5 billion will expire at the same time.
According to Deribit, the so-called “maximum pain” levels – the price at which the greatest number of option holders will incur losses – for BTC and ETH are $57,000 and $3,400, respectively. Bitcoin is trading about 6.5% above its threshold with two days left, while Ether is about 8% higher.
Stock markets are flat the day ahead of U.S. jobless claims and consumer spending reports expected for Thursday and Friday. Investors will be looking for signs of cooling inflation and weakening of the job market, which could justify the Federal Reserve cutting interest rates later this year.