$475 Million in Bitcoin Options Expires This Week - Are the Bulls or Bears About to Win?
BTC futures data shows bulls unsure Bitcoin price will hold above $24,000, but range-bound action could help them take advantage of the August 12 $475 million options expiration.
Market analysis
Bitcoin (BTC) has been posting higher lows for the past eight weeks, but during that time BTC was unable to topple the $24,000 resistance to support at least three different opportunities. This is precisely why the $475 million Bitcoin Options expiry on August 12 could be a game-changer for bulls.
Given the current regulatory pressures at play, there seems to be ample justification to avoid bullish bets, especially after the United States Securities and Exchange Commission sued a former Coinbase official for illegal trading titles on July 21.
Additional impact from the implosion of the Terra (Luna) ecosystem – now renamed Terra Classic (LUC) – and the bankruptcy filing of crypto venture capital firm Three Arrows Capital (3AC) continues to influence the markets. The latest victim is crypto lending platform Hodlnaut, which suspended user withdrawals on August 8.
For this reason, most traders are holding their bets above $24,000, but events outside the crypto market could also have negatively impacted investor expectations. For example, according to regulatory filings
BTC futures data shows bulls unsure Bitcoin price will hold above $24,000, but range-bound action could help them take advantage of the August 12 $475 million options expiration.
Market analysis
Bitcoin (BTC) has been posting higher lows for the past eight weeks, but during that time BTC was unable to topple the $24,000 resistance to support at least three different opportunities. This is precisely why the $475 million Bitcoin Options expiry on August 12 could be a game-changer for bulls.
Given the current regulatory pressures at play, there seems to be ample justification to avoid bullish bets, especially after the United States Securities and Exchange Commission sued a former Coinbase official for illegal trading titles on July 21.
Additional impact from the implosion of the Terra (Luna) ecosystem – now renamed Terra Classic (LUC) – and the bankruptcy filing of crypto venture capital firm Three Arrows Capital (3AC) continues to influence the markets. The latest victim is crypto lending platform Hodlnaut, which suspended user withdrawals on August 8.
For this reason, most traders are holding their bets above $24,000, but events outside the crypto market could also have negatively impacted investor expectations. For example, according to regulatory filings
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