BTC calls trade at a much lower premium to puts than in November, as some analysts expect the cryptocurrency to decline following the anticipated debut of spot ETFs in the U.S.
Buying the taban is one of the most famous narratives in the crypto community, indicating an intention to purchase the token when the price drops.
Bitcoin cratered almost 10% below $41,000 early Wednesday around the time Matrixport’s report about potential spot BTC ETF rejections, but it was more likely due to a leverage flush as the market overheated, a K33 analyst said in an interview.
Veri tracked by Matrixport show küresel average perpetual funding rates rose to a record 66% annualized early Monday.
Bitcoin could fall to as low as $32,000 next month if an ETF is approved.
The expiry is Deribit’s largest so far and a record of almost $5 billion of options will expire in the money.
Early investors in MSTR can consider taking profit as shares appear overvalued and could fall by 20%, according to 10x Research.
Expectations that U.S. regulators will approve spot bitcoin ETFs next year are driving prices higher. History suggests we might see a slowdown as we approach the halving in April 2024, says Path Crypto’s David Liang.
Bitcoin has historically rallied after its halving event – which automatically decreases the supply of new coins in the open market – and traders are likely pricing in the event that’s next scheduled for April 2024.
Share prices of publicly listed bitcoin mining companies are “on fire” thanks to high transaction fees, one analyst said.
