Disclosure: Delphi Ventures and members of our team have invested in BTC. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Barring a handful of tokens and stablecoins, virtually all of crypto is in the red today. The Sep. 21st bottom remains intact, but the market still looks fairly weak. It wouldn’t be surprising to see a break of BTC’s local low at $39.5K. For now, the signs point to a ranging market, so it’s probably wise to prepare yourself for some incredibly frustrating price action.
Large Options Expiry as BTC Trends Down
Last Friday saw the largest expiration of BTC options since Apr. 2021. This isn’t all too surprising, as quarter-end expirations tend to be larger than regular monthly expirations. However, open interest tends to recover quite dramatically over the course of the month post-expiration. So if we don’t see that bounce, it could be a sign of continued market exhaustion.
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