Bitcoin and Ether Price Dynamics
Bitcoin (BTC) continues to trade above $111,000 following a rebound from earlier European session lows. Over the past 24 hours, BTC gained less than 1%, underperforming Ether (ETH) which rose approximately 2.4%. The CoinDesk 20 Index, tracking large-cap tokens, climbed 3.2%, while the broader CoinDesk 80 Index added 4% amid sector rotation.
Options Expiry Influence
With the August options expiry approaching on Friday, over $14.6 billion in BTC and ETH options contracts are set to expire. “Max pain” levels for both assets stand near $116,000, incentivizing sellers to prop prices toward that strike. Open interest data shows elevated put/call skew in bitcoin, indicating hedging activity and cautious optimism among traders.
Derivatives Positioning
Top derivatives venues report $30.3 billion in bitcoin open interest—near all-time highs—while annualized basis trades remain profitable at 8%–9%. Funding rates averaged 8%–10% APR across perpetual swaps. Coinglass data indicates $266 million in 24-hour liquidations skewed 58% toward shorts, highlighting ongoing leverage adjustments in volatile markets.
Technical Indicators and Outlook
Bitcoin’s 200-day moving average crossed above $100,000 in late April and continues to support price action. Historical patterns show August has been bearish for three consecutive years, yet current gains represent the best month-end performance since 2021. Market participants focus on liquidity levels and liquidity gaps around $112,000 and $115,000 to gauge short-term momentum.
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