Sa. Apr 20th, 2024

• Over $2.2 billion worth of options for Bitcoin will expire on May 26
• Ethereum exchange balance drops to five-year low
• Tether’s holdings of US treasuries currently rivals the world’s wealthiest countries

Bitcoin Options Set to Expire

Over $2.2B worth of options for Bitcoin are set to expire on May 26, with 85,000 contracts awaiting expiry according to Deribit data as of May 23. This puts a notional value of around $2.3 billion, with a 0.38 Put Call Ratio and a max pain price of $27,000.

Ethereum Exchange Balance Drops

The Ethereum exchange balance has dropped to its five-year low, with approximately 700,00 options expiring on May 26, according to Deribit data as of May 23. This puts a notional value of just over $1.3 billion, with a 0.49 Put Call Ratio and a max pain price of $1,800.

Tether’s Holdings Rivals World’s Wealthiest Nations

Tether’s holdings in US treasuries currently rivals the world’s wealthiest countries, signaling increased demand for safe haven assets such as US treasuries during times of economic uncertainty or market volatility.

Bitcoin Mining Pools Surge

USA Bitcoin mining pools have surged to over 50% of the hash rate due to increasing investments in high-performance hardware and software solutions from mining companies like Bitmain and Marathon Digital Holdings Inc.. This trend is expected to continue in order for miners to remain competitive in today’s fast-paced crypto market environment.

NFT Volumes Growing

Bitcoin is now the second largest chain by NFT volume due to growing demand from nonfungible tokens (NFT) collectors and buyers who are looking for new ways to diversify their portfolios and take advantage of digital scarcity opportunities offered by NFTs.

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