Key facts:
BTC and ETH have maximum pain points at USD 58,000 and USD 2,400 respectively.
While BTC maintains a leading position, ETH shows relative weakness.
In the cryptocurrency market, September 2024 has been a month of contrasts, something that stands out when analyzing the bitcoin (BTC) and ether (ETH) options that will expire on September 13. According to data provided by Greeks.live, a portal specialized in financial options analysis, trends have been observed that reflect the current dynamics of the market.
Specifically, it is reported that 23,000 BTC options are about to expire and the Put Call Ratio is at 0.87, indicating a slight preference for call options over put options.
This indicator suggests a market with more bullish sentiment for bitcoin, especially when considering that the Max Pain point is at $58,000, a level the market has been hovering around, which could indicate manipulation towards this point. or simply a convergence of market expectations.
It should be remembered that options expiration means that a significant set of options contracts, which allow holders to buy or sell BTC at a specific price before a certain date, come to an end on September 13, 2024.
On the other hand, ether presented 127,000 options at expiration with a Put Call Ratio of 0.73, even more bullish than bitcoin, suggesting greater confidence in the increase in its value. However, Max Pain for ETH is at USD 2,400reflecting a market expectation that, although bullish, also shows considerable caution, according to Greeks.live.
The September options expiry has provided a window into market expectations. While BTC maintains its position as a leader, ETH faces challenges which could take longer to overcome. Investors and analysts are watching closely to see how these dynamics will play out, especially with the possibility of the Fed’s monetary policy influencing the behavior of these digital assets.
According to Greeks.live, the ecosystem has experienced a rally general this week, what contrasts with the decrease in volatility expectations.
This phenomenon can to be interpreted as a sign that the market is seeking stability or that recent news, such as the possibility of a rate cut by the Fed, is being well received by investors, according to the research firm.
One notable point is the relative weakness of ether against BTC, Greeks.live highlights. Historically, September has been a weak month for the markets, and this year has been no exception, especially for ETH, as CriptoNoticias has reported.
The ETH/BTC exchange rate has fallen below a crucial support of 0.04suggesting that in market terms, “bitcoin remains the primary driver of the bull market” while ETH seeks to regain its ground, the analysis highlights.