Disclosure: Members of our team may own positions in assets mentioned in this report. 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.
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 currently sit at the $36,000 strike price, so we may see that level defend