In the last few days of 2024, Bitcoin options set a record for the largest expiration, with $18 billion worth of Bitcoin and Ethereum options contracts expiring today. This time, 88,537 Bitcoin options contracts expired, five times as many as last week; Ethereum options contracts totaled 796,021, 4.5 times higher than last week. The total value of Bitcoin options reached a record $14.38 billion, and Ethereum options totaled $3.7 billion.
The maximum pain point price for Bitcoin options expiring is $85,000, and the call-put ratio is 0.69, which is lower than the bullish expectations, but the ratio is on the rise at the end of the quarter, which may indicate an increase in hedging sentiment. FalconX research director David Lawant said that the demand for downside protection has risen in recent weeks, and the call-put ratio of open interest in options on December 27 has risen from 0.35 in October to above 0.70.
The maximum pain point price of Ethereum options contracts is $3,000, and the call-put ratio is 0.41, down from 0.97 at the end of October, reflecting investors' increased bullish sentiment on ETH. Currently, BTC and ETH are trading at $96,300 and $3,300, respectively, which are higher than the maximum pain point price.
Some investors and analysts use the price of the biggest pain point as an indicator to predict price direction, because the market often tends to optimize the profits of option sellers. Deribit commented that given the sharp bullishness in the market, a significant decline could trigger a rapid snowball effect, and this expiration has attracted much attention and may define the trend in 2025.
The crypto market sector has pulled back for two consecutive days, while the CeFi sector has risen against the trend, with a 24-hour increase of 0.36%. The DeFi sector fell by -2.78%, the Layer 1 and Layer 2 sectors fell by -3.05% and -3.88% respectively, and the Meme sector fell by -4.71%. The AI Agents sector, which performed the best yesterday, pulled back today, with a 24-hour drop of -7.7%.
Let's continue to look at the hot topics in the market today.
Good news! BIO Protocol launched BN, and the price has reached 0.6 in the off-market!
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Analysis of today's abnormal targets: GMT
Technically, the bottom range was broken, accompanied by huge trading volume, and the subsequent shock maintained high volume, which was obviously different from the previous trend. The spot price was significantly higher than the contract price, with Binance reaching a maximum of 0.1887, while CB and OK platforms maintained in the range of 0.174-0.175, and the contract price was only 0.164, indicating that the current driving force mainly comes from spot buying.
In terms of data, after a short-term surge, the 24-hour transaction volume has reached 1 billion US dollars, far exceeding the market value of 400 million US dollars, the funding rate of -0.72% is far higher than the normal level, the transaction volume has increased by 15 times, and the position has increased by more than 1 times, and the fund activity is obvious. Although it is not clear why the sudden surge in volume, the fund push is obvious, showing a strong trend, which deserves special attention.
In terms of price, we will temporarily focus on the closing high near 0.162.
Recommend a potential label: COW
I decided to invest in COW for the long term. It is a decentralized exchange platform coin, similar to UNI. From the comparison of trading volume, COW's price is obviously underestimated. In addition, celebrities such as Trump and Vitalik often use COW for trading, so it is expected to rise sharply in the future. It is recommended to buy low at 0.98, 0.90, and 0.829, with target prices of 5, 10, and 20 respectively.
Today's article ends here. We are currently in a bull market, and the situation is turbulent. We share passwords every day. If you don't know what to do in a bull market, welcome to follow us. Bull market spot passwords and layout strategies can be shared free of charge.
