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- Bitcoin and Ethereum options, with a face value of $1.93 billion and $710 million respectively, expired on Friday.
- Greeks Live analysts identify the market theme as a correction theme, although US traders remain optimistic about expectations for 2025.
- Bitcoin and Ethereum corrected slightly on the day, hovering around key support levels.
Bitcoin and Ethereum options that expired on Friday have a combined notional value of over $2.6 billion. BTC and ETH prices are hovering around key support levels, recovering from the holiday dip in the last week of 2024.
Friday marks the first weekly delivery of options in 2025, as traders across the European and US markets gradually return from the holidays. The sentiment among crypto traders is “greed,” signaling optimism, according to Alternative.me’s Crypto Fear & Greed Index.
Bitcoin, Ethereum derivatives traders optimistic
Data from derivatives tracker Coinglass shows bitcoin derivatives traders are bullish as the long/short ratio, a key metric, exceeds 1 on major exchanges. In the case of Ethereum, it goes 1 to Binance and OKX.
Derivatives traders remain optimistic with the first options expiration of the year, valued at nearly $2.6 billion.
Greeks Live analysts believe that the theme of the week is a correction in the crypto markets and note that there is a significant market divergence.
(January 3 Options Data).
20,000 BTC Options Expired with a Put Call Ratio of 0.69, a Maxpain Point of $97,000, and a Notional Value of $1.93B.
206,000 ETH Options Expired with a Put Call Ratio of 0.81, a Maxpain Point of $3400 and a Notional Value of $710M.
Today is… pic.twitter.com/elnRBDRTsy— Greeks.live (@GreeksLive) January 3, 2025
In less than three weeks from now, President-elect Donald Trump will return to the Oval Office, and his return is prompting traders to expect positive developments for blockchain and crypto.
How Trump’s return to the White House could affect crypto
Kyla Curley, partner at StoneTurn LLP, said in an exclusive interview with FXStreet that she expects Trump’s return to the White House to have an overall positive impact on crypto.
“Compared to outgoing Securities and Exchange Commission Chairman Gary Gensler, the approach of Trump’s pick Paul Atkins is expected to be perceived as more lax,” she said.
Curley added: “But Atkins has publicly expressed concern about the SEC’s perceived unwillingness to work with the crypto community, and its historical and current approach to regulation through enforcement is pushing the crypto market, including its regulation, overseas.”
Curley believes Atkins will be willing to work with crypto companies to find a regulatory framework that will allow crypto companies to continue to thrive and add appropriate safeguards to protect capital and consumer and investor confidence.
