Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Steady Near $31K After Options Expiry; Dollar Index Rises Before Key U.S. Inflation Data

Bitcoin Steady Near $31K After Options Expiry; Dollar Index Rises Before Key U.S. Inflation Data

CoindeskCoindesk2023/06/30 15:11
By:Omkar Godbole

With the expiry done, the supposed price magnet at $26,500 from the max pain point is gone and prices could resume the upward journey, a common pattern during the bull market days of 2021.

Bitcoin (BTC) and ether (ETH) kept trading within recen t price ranges as the expiry of quarterly options and a strengthening dollar index failed to unsettle investors.

At 08:00 UTC, around 150,000 BTC options contracts, worth around $4.5 billion, and 1.2 million ether contracts, worth $2.3 billion, expired on Deribit, the world's leading crypto options exchange. Deribit controls over 85% of global crypto options activity.

The expiry was pivotal, considering market makers in BTC options and could have added to spot price moves with their hedging activities. The largest cryptocurrency by market value, however, traded listlessly between $30,000 and $31,000 in days leading up to the settlement and remained locked in the narrow range afterward, recording just a 1% gain on the day to $30,700 as of 10:40 UTC, CoinDesk data show.

The so-called for the June bitcoin options was $26,500. That option buyers stand to lose the most at expiration.

Popular theory says the price acts as a magnet in the lead-up to the expiration, with option sellers – usually large traders – trying to push prices to that level to inflict maximum loss on buyers. the bull market of late 2020 and early 2021, bitcoin consistently gravitated toward max pain point ahead of expiries and resumed gains after the settlement.

With the expiry over, the magnet is gone. So, the cryptocurrencies could resume their upward journies if other factors stay unchanged.

"BTC Max Pain at a significantly reduced level of $26.5K might alleviate the prevailing downward pressure on prices following the expiration," said Luuk Strijers, chief commercial officer at Deribit.

The max pain point for ether June expiry options was $1,700. The native token of Ethereum changed hands at about $1,900 at press time, a 2% gain on the day and the biggest increase in more than a week.

The dollar index (DXY), which tracks the U.S. currency's value against major peers, including the euro, clocked a two-week high of 103.50 before press time, extending a two-day winning streak triggered by upbeat economic data releases. Notably, the weekly jobless claims figure released Thursday showed the number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months.

On Friday, at 12:30 UTC, the U.S. Bureau of Economic Analysis will release the Federal Reserve’s preferred measure of price pressures, the core personal consumption expenditures price index, or the core PCE deflator.

The data is likely to show the core elements of inflation remain stubborn, strengthening the case for higher-for-longer interest rates in the U.S. and adding to the dollar's strength.

According to economists surveyed by FactSet and published by , the index is likely to have risen 0.4% month over month in May after April's 0.38% rise. The gain is forecast at 4.7% year on year, unchanged from the previous month.

A rally in DXY in markets. However, losses in bitcoin may be moderate this time or short-lived, as the recent spot BTC ETF filings by BlackRock, Invesco and Fidelity have buoyed the crypto market sentiment.

Traders may also take cues from the U.S. personal spending and income figures, which will hit the wires along with the core PCE reading.

Edited by Sheldon Reback.

96

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.

Bitget2025/09/12 06:52
Bitget VIP Weekly Research Insights