Derivatives markets are flashing constructive signals as 26,700 Bitcoin options and 151,500 Ethereum contracts approach expiry on Deribit. The $2.2 billion notional event coincides with a put/call ratio of 0.71, reflecting dominant bullish positioning. Bitcoin's max pain point hovers near $69,000, while open interest concentrates heavily at the $80,000 strike with $1.6 billion in backing.
Traders are pivoting to short-term calls as BTC reclaims the $70,000 level, forcing a repricing of bearish contracts upward. Ethereum mirrors this institutional optimism, with options flow suggesting steady accumulation. This recalibration follows a major quarterly settlement that pared total Bitcoin options open interest down to $34 billion, setting the stage for the next leg up.
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