Bitcoin traders remain bullish despite the declining prices of Bitcoin. Miners continue to face the heat as mining difficulty reaches new highs.
, it was seen that 25,000 BTC options are about to expire with a Put Call Ratio of 0.7. This implied that a significant number of Bitcoin options contracts, which allow the holder to purchase or sell BTC at a specific price but not the obligation, are approaching their expiration date.
A Put to Call ratio of 0.7 indicated that there are more call options than put options, which can be seen as a bullish signal. The max pain point was $29,000. This refers to the price at which the options market as a whole would experience the most pain or the largest loss. In this case, it is $29,000, which suggested that there may be support for Bitcoin around that price level.
The notational value of the options contracts combined was $0.72 billion. This is the total value of the options contracts at their face value, assuming they were all exercised at the current market price. Additionally, $0.72 billion is a significant amount of money and may have an impact on the Bitcoin market depending on how the options are exercised.
Furthermore, this bullish behavior was observed from holders as well. According to Glassnode’s data, addresses with more than 0.1 Bitcoins were accumulating increasingly.
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