Greeks.live: This month's BTC market trend is highly likely to be strongly correlated with the macro news of the Federal Reserve's interest rate cut

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Bitget2024/06/07 05:29

By:Bitget

Adam, a macro analyst at Greeks.live, stated that 18,000 BTC options are due to expire with a Put Call Ratio of 0.67 and the biggest pain point being $70,000 USD, representing a nominal value of $1.25 billion USD. Additionally, 260k ETH options will expire with a Put Call Ratio of 0.64 and the largest pain point is $3650 USD which equates to a nominal value of $1 billion USD. This week both the Bank of Canada and European Central Bank initiated interest rate cuts leading to good performance across risk investment markets; currently crypto markets are driven by both BTC ETFs and ETH ETFs. There's clear differentiation between macro factors and news events but overall market sentiment remains optimistic. Currently for all major terms IV revolves around 50% for BTC while it's about 55% for ETH; they have already fallen to reasonable levels so profits can be made from selling ETH to buy BTC as mentioned last week in order to take advantage of cross-currency IV differences. The trend this month is likely that BTC will strongly correlate with Federal Reserve interest rate cut news whereas ETH trends will mainly be influenced by ETF approval news.

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.

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The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

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