At the end of the $3.9B futures, the price of Bitcoin could reach $63K.
Bitcoin price may drop to $63,000 on July 26 as more than $3.9 billion worth of Bitcoin futures expire.
More than $3.9 billion worth of Bitcoin (BTC) futures options expired at 8:00 am UTC on futures trading cryptocurrency exchange Deribit.
This sets Bitcoin's “peak pain point” at $63,000, which could put further downward pressure on the world's first cryptocurrency.
Options expirations often increase price volatility in crypto markets. While the maximum pain point represents the price at which most options contracts expire worthless, it does not guarantee that the underlying asset will fall to that price.
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Ether ETF News Sale Event Is Saving Ether Price – Analyst
A total of $5.48 billion worth of cryptocurrency options expired on Deribit, of which $1.57 billion were Ether (ETH) options.
Despite the launch of the first Ether exchange-traded funds (ETFs) on July 23, Ether has been struggling to gain momentum.
Ether's price rose more than 2.3% on the daily chart but fell more than 4.5% last week, trading below $3,250 as of 11:02 am UTC, according to CoinMarketCap data.
Bitfinex analysts told Cointelegraph that the reason behind Ether's slower price action is the news selling phenomenon surrounding the Ether ETF.
“Ethereum ETF's sell-the-news results are in motion. Global ETH open interest fell by $1.17 billion before the launch on July 23rd. Many futures and perpetual positions added in anticipation of the ETF's launch are now pushing the price higher.”
Related: Japanese crypto ETFs boosted by Franklin Templeton and SBI Holdings partnership
For a further increase, the price of bitcoin must hold above 65,000 dollars – analyst
According to popular crypto analyst Rect Capital, Bitcoin should hold above the current $65,000 mark, which acts as a key support.
In a July 26 post to his 483,000 followers, the analyst wrote:
“The experiment was successful. Bitcoin confirmed $65,000 as support. The price now continues to hold the $65000-$71500 range (red).
Positive Bitcoin ETF earnings contribute to Bitcoin momentum. U.S.-based spot Bitcoin ETFs recorded a second day of positive inflows totaling $31.1 million on July 25, according to Farside Investors.
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