After closing yesterday 3% up after a wick below the current range low, BTC is currently up another 4.9% at the time of writing. Though BTC is leading the market, DOGE and SOL are the biggest winners of the last 24 hours, up 39% and 35% respectively.
Prepare For Volatility?
This Friday (June 25) marks the expiration of quarterly BTC and ETH options and futures. These events are typically referred to as a “triple witching.” However, since crypto doesn’t have index futures/options, it’s not the most accurate term.
Witching events tend to be a highly volatile as traders square off their positions close to expiry (especially the final hour before expiry), so brace yourselves for the possibility of volatility this week.
Looking at the distribution of options across strike prices, there are tons of out-of-the-money calls set to expire worthless and puts are concentrated between $28,000 and $40,000.
Almost 3,000 BTC worth of puts