Hey guys! Hope your doing well and before I start leave a like or follow to keep posted if you like the idea or insight, thank you!
⚡️Alright so bitcoin has managed to stay within this descending channel that it's been within and has failed to break above the trendline twice already. Sooner or later this will break of course but right now one of the biggest factors to this is that bear whales have been trying and trying and have been successfully pulling us down for the most part. Why? Because they've got a lot of options on the line.
Just to put things into perspective for how large these options are let's put down a few things we can get from Coinglass options data.
💥For tomorrow's options expiry we've got this between Bitcoin and Ethereum. 💥
Call open interest: 69.31K BTC 774K ETH
Put open interest: 40.75K BTC 356K ETH
Call trading volume: 1.71K BTC 26.72K ETH
Put trading volume: 2.82K BTC 32.26K ETH
That open interest is about $2.25 billion with the actual amount much lower being that bulls bet too much on Bitcoin being up right now with a lot missing the mark following that dump BTC had when it moved below $28,000 June 12 with some of those bullish bets extending beyond $60,000.
💥 Here' are some numbers for options. 💥
Close between $18,000 to $20,000: 500 calls / 33,100 puts. The result would favor the bears by roughly $600 million
Close between $20,000 and $22,000 2,88 calls / 27,000 puts. The result would favor bears by $520 million
Close between $22,000 and $24,000 59,00 calls/26,000 puts. The result would favor bears by $480 million
⚡️The option isn't exactly great for bulls as Bears only need Bitcoin to be below $20,000 on the 24th to make $600+ Million in profit while Bulls would need to push Bitcoin above $22,000 just to reduce the hit by $140 Million. Bears will have more leverage power as Bulls lost roughly $500 million in positions liquidated on June 12 and 13 as Bitcoin tumbled below $28,000 which means they won't have as much buying power as they would need to push the crypto up to the extent that they need.
⚡️This is the largest options expiry we've got on bitcoin so far not to mention Ethereum itself has a couple hundred thousand in options expiry itself. Either way to say it simple we're gonna have a hell of a day today leading into tomorrow following the expiry as bulls may take advantage of the expiry to finally push. Or bears can win and in the process reap over $600Million in profits alone which well, would definitely gonna give them some more leverage. So keep noted on that result favors bears by $480 million.
⚡️I just wanted to put this out there for you guys to get an idea of just how impactful this could be and why it could be another factor to the historic lows we're looking at as bears definitely have put in their weight to bring us down. I'm gonna leave the idea here but wanted to inform you guys since this will impact not just bitcoin but a lot of the sector for sure and mostly likely has been one of those things that's simply weighed down on it. If you'd like to leave a like or follow it'd be much appreciated, thank you.
~ Rock
⚡️Alright so bitcoin has managed to stay within this descending channel that it's been within and has failed to break above the trendline twice already. Sooner or later this will break of course but right now one of the biggest factors to this is that bear whales have been trying and trying and have been successfully pulling us down for the most part. Why? Because they've got a lot of options on the line.
Just to put things into perspective for how large these options are let's put down a few things we can get from Coinglass options data.
💥For tomorrow's options expiry we've got this between Bitcoin and Ethereum. 💥
Call open interest: 69.31K BTC 774K ETH
Put open interest: 40.75K BTC 356K ETH
Call trading volume: 1.71K BTC 26.72K ETH
Put trading volume: 2.82K BTC 32.26K ETH
That open interest is about $2.25 billion with the actual amount much lower being that bulls bet too much on Bitcoin being up right now with a lot missing the mark following that dump BTC had when it moved below $28,000 June 12 with some of those bullish bets extending beyond $60,000.
💥 Here' are some numbers for options. 💥
Close between $18,000 to $20,000: 500 calls / 33,100 puts. The result would favor the bears by roughly $600 million
Close between $20,000 and $22,000 2,88 calls / 27,000 puts. The result would favor bears by $520 million
Close between $22,000 and $24,000 59,00 calls/26,000 puts. The result would favor bears by $480 million
⚡️The option isn't exactly great for bulls as Bears only need Bitcoin to be below $20,000 on the 24th to make $600+ Million in profit while Bulls would need to push Bitcoin above $22,000 just to reduce the hit by $140 Million. Bears will have more leverage power as Bulls lost roughly $500 million in positions liquidated on June 12 and 13 as Bitcoin tumbled below $28,000 which means they won't have as much buying power as they would need to push the crypto up to the extent that they need.
⚡️This is the largest options expiry we've got on bitcoin so far not to mention Ethereum itself has a couple hundred thousand in options expiry itself. Either way to say it simple we're gonna have a hell of a day today leading into tomorrow following the expiry as bulls may take advantage of the expiry to finally push. Or bears can win and in the process reap over $600Million in profits alone which well, would definitely gonna give them some more leverage. So keep noted on that result favors bears by $480 million.
⚡️I just wanted to put this out there for you guys to get an idea of just how impactful this could be and why it could be another factor to the historic lows we're looking at as bears definitely have put in their weight to bring us down. I'm gonna leave the idea here but wanted to inform you guys since this will impact not just bitcoin but a lot of the sector for sure and mostly likely has been one of those things that's simply weighed down on it. If you'd like to leave a like or follow it'd be much appreciated, thank you.
~ Rock
