Despite the market facing its largest quarterly Bitcoin futures options expiry event, the price of Bitcoin remained steady above $69,000 on March 29.
Hao Yang, the global head of derivatives trading at Bybit exchange, highlighted the significant options expiry event, suggesting that the unwinding of hedging positions during this time might have a short-term impact on price movement.
Over $15.1 billion worth of cryptocurrency futures options expired on Deribit, with a substantial portion representing the notional value of Bitcoin options. The “max pain” price potential was estimated at $51,000.
Yang emphasized that while the max pain indicator offers insight, it has limited influence on Bitcoin’s actual price movement, which is primarily driven by fundamental values.
Andrey Stoychev from Nexo’s prime brokerage division noted that the expiry had minimal price impact, with delta hedging largely concluded. However, questions remain regarding reinvestment strategies for call profits.
Despite a slight 0.7% decrease in Bitcoin price, analysts suggest that the historic pre-halving retracement may be over if Bitcoin can establish support above its old all-time high of $69,000.
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