Bitcoin options contracts expired today, with 22,000 BTC options reaching their expiry amid the latest successful attempt at the $100K price mark. The expired contracts have a put-call ratio of 0.95, reflecting a balanced sentiment between bearish and bullish positions. The Max Pain Point—the price at which most options expire worthless—was $96,000. Meanwhile, the notional value of these contracts totalled $2.19 billion.
$2.19B Expiry Amid Bitcoin $100K Rally
Notably, the options expiry comes after a strong Bitcoin rally in the spot market that saw BTC surge above $100,000 again. Bitcoin Options Expiry Fuels, This move shook off the subdued market sentiment of the weekend, injecting new energy into the broader crypto market.
At press time, Bitcoin is trading at $101,740, posting a gain of 2.73% over the past 24 hours, elevating its weekly performance to an 8% uptick. Notably, this latest turnaround comes just four days after Bitcoin’s price dropped to $89,260, a level not seen since November 2024.
However, a swift and decisive rebound followed, as market participants found the dipping price a favourable entry. With Bitcoin maintaining its footing above $100K, bulls anticipate further price moves, especially as pro-Bitcoin Donald Trump prepares to take office next week. Meanwhile, the Ethereum options market also saw many expirations today, January 17, with 182,000 ETH options expiring.
Bitcoin Bulls Target $105K
Commenting on the latest expiry data for Bitcoin and Ethereum, market resource Greeks. Live noted that despite the positive price movement in Bitcoin, other market segments remain weak. It pointed out that much of the market’s attention continues to focus on BTC, leaving altcoins less prominent in comparison.
For context, Ethereum is up by 0.5% today, compared to a 3% gain for Bitcoin. Moreover, Ethereum’s price at $3,378 is trading with only 2.5% weekly gains compared to Bitcoin’s 8%. Bitcoin Options Expiry Fuels, A similar trend is observable with other prominent altcoins like BNB.
Nonetheless, Greeks. Live noted that the rise in Bitcoin’s price has helped boost short-term implied volatilities (IVs), signalling increased market expectations of future volatility. It also pointed out that long positions in BTC have gained strength, with traders targeting a potential $105,000 price point in the near term. Since reclaiming the $100K mark, Bitcoin has rallied to $102,037.
Bitcoin’s Dominance Over Altcoins
The renewed focus on Bitcoin has come at the expense of altcoins, many of which have seen slower price growth. While Bitcoin surged, Ethereum, the second-largest cryptocurrency by market cap, only posted a modest 0.5% increase daily, with its weekly gains hovering around 2.5%. Similarly, other prominent altcoins such as Binance Coin (BNB) and Solana (SOL) have shown a relative underperformance compared to Bitcoin’s explosive rally.
The dominance of Bitcoin in this latest market rally is notable, as many analysts had expected altcoins to experience greater participation in the market’s uptrend. However, much of the attention remains squarely on Bitcoin, driven by its status as a store of value and the increasing adoption by institutional investors. Bitcoin’s rise above $100K has led to a growing sense of FOMO (fear of missing out) among retail and institutional buyers, further strengthening its position as the leading cryptocurrency.
Summary
The expiry of $2.19 billion in Bitcoin options contracts on January 17, 2025, has proven to be a pivotal moment for the cryptocurrency market, fueling Bitcoin’s rally above $100,000. As the expiry event triggered buying pressure and market optimism, Bitcoin has again proven its resilience, bouncing back from previous dips and establishing new price levels. With increasing institutional adoption, favorablelatory developments, and the broader market trend of recognizing Bitcoin as a legitimate financial asset, the future of Bitcoin looks promising.
FAQs
What was the put-call ratio for the expired Bitcoin options contracts?
The expired Bitcoin options had a put-call ratio of 0.95, indicating a balanced sentiment between bearish and bullish positions among traders.
How did the Bitcoin price perform following the expiry?
After the expiry, Bitcoin surged to $101,740, posting a 2.73% gain in the last 24 hours and an 8% gain for the week, continuing its rally above $100K.
Why are altcoins underperforming compared to Bitcoin?
Bitcoin’s dominance in the market rally has shifted attention away from altcoins, which have experienced slower price growth, with Ethereum and others lagging behind Bitcoin’s strong performance.
What is the short-term price target for Bitcoin?
Many traders are targeting a potential Bitcoin price of $105,000, with increasing market volatility and bullish sentiment pushing expectations higher in the near term.
