Crypto analyst Markus Thielen from 10x Research claimed term structures for both Bitcoin and Ethereum have shifted, with traders now expecting higher crypto prices.
The sharp shifts in skew and risk reversals signaled a transitioning sentiment from fear to a more balanced outlook.
The firm analyzed the widening implied‑realized volatility spreads to find whether “options are rich or cheap.”
Bitcoin price has rallied suddenly amid a rapid rise in open interest across derivatives markets.
As Glassnode put it, the recent options sentiment has reset post‑expiry last week, with open interest rebuilding, volume easing, and flows tilting toward cautious Q4 upside.
Adam from GreeksLive’s pointed out divergence of bullish and bearish market views, with significant debate over short‑term trends.
Put option traders are getting squeezed due to a significant rally exceeding crypto market expectations. Key levels to watch include $115,000 as a potential support level and $127,000‑180,000 as potential Bitcoin price targets.
Market structure shows the long‑short ratio has dropped from 2 to below 1 within a week. Open interest remains high, potentially setting the stage for a short squeeze.
Crypto Prices: Bitcoin Price Rally to Continue After BTC Options Expiry
28K BTC options with a notional value of $3.36 billion expired on the largest derivatives crypto exchange Deribit on October 3. Moreover, the max pain price was $115,000.
The put‑call ratio was 1.13. This indicated traders were slightly bearish, placing more put bets than calls, likely for hedging against a fall.
Crypto analysts reiterated an initial Bitcoin price target of $135K. Analyst Calen Franzen gave price targets of $136,000 to $139,000 for Bitcoin.
BTC price was trading 1.33 % higher at $120,432 at the time of writing. The 24‑hour low and high were $118,611 and $121,086, respectively.
Furthermore, the trading volume has increased slightly in the last 24 hours, indicating cautious trading.
Ethereum Price Eyes $5,000 Post $0.99 Billion Options Expiry
216K ETH options with a notional value of almost $0.99 billion expired today. The put‑call ratio was 0.93, suggesting a slightly bearish sentiment among traders.
Also, the max pain point was $4,500, above the current market price. Moreover, the call bets are higher at the strike price, indicating bias towards a lower price to minimize losses.
In the last 24 hours, put volume was lower than the call volume, with a put‑call ratio of 0.51. This supported an expected rebound in Ethereum price.
According to Greekslive, some traders are choosing to take profits and wait for a pullback before re‑entering despite crypto prices volatility at only 40 %.
Rekt Capital predicted ETH rally as it tries to breakout from its monthly bull flag pattern.
Analyst IncomeSharks pointed out ETH/BTC chart with expectations of Ethereum going to $5,000 as Bitcoin moves back towards $125,000.
ETH price jumped more than 2 % in the past 24 hours amid record ETH treasury growth by Bitmine Immersion.
The price was trading at $4,484. The 24‑hour low and high were $4,343 and $4,558, respectively.