The fact that the $3.35 billion option on Bitcoin and Ethereum had reached its maximum yield point raised questions about whether the correction was over.
According to data shared on Twitter on March 22, by the option data platform Greeks.Live, options for 25,000 Bitcoin worth $1.7 billion and 250,000 Ethereum worth $890 million have expired.
The sales-to-purchase ratios for these options were recorded as 0.56 for Bitcoin and 0.51 for Ethereum. While most investors bought call options for a rise, some bought put options to protect themselves.
The maximum yield levels for these options were $67,000 for Bitcoin and $3,500 for Ethereum. The fact that these levels were reached within the day raised question marks.
Bitcoin couldn’t hold on to $70,000
According to option data, it was observed that the cryptocurrency market changed direction this week. Last weekend, it was stated that if Bitcoin couldn’t hold on to the $70,000 level, rises could encounter problems.
Greekslive stated that there was a significant drop in prices this week and emphasized an increase in demand for put options. However, with the decrease in prices, it was reported that the number of put options was lowered and many positions were closed with a profit.
The demand for put options increased expectations that the correction would continue.
According to CoinGecko data, while Bitcoin and Ethereum have experienced a slight recovery, in the last 24 hours, Bitcoin is trading at $67,732 and Ethereum is trading at $3,691 with a drop of over 6%.
