Major domestic virtual assets are in mixed performance.
At 1 p.m. on the 27th, domestic Bitcoin (BTC) is trading at 86,109,000 won on Bithumb, down 1.01% from the previous day. Ethereum (ETH) rose 0.17% to 4,773,000 won. Tether (USDT) was trading at 1,410 won, the same as the previous day, Binance Coin (BNB) was trading at 809,500 won, up 0.12%, and Solana (SOL) was trading at 193,900 won, down 0.31%.
The international market is in decline.
At the same time, on CoinMarketCap, BTC recorded $60,984.38, down 1.51% from the previous day. ETH was trading at $3380.06, down 0.44%. USDT is down 0.04% from the previous day to $0.9993, and BNB is down 1.13% to $5738.80. SOL was trading at $137.31, down 0.81%.
The total market capitalization of virtual assets is $2.26 trillion (approximately 3140.27 trillion won), an increase of $1.08 trillion (approximately 1500.66 trillion won) compared to the same period last year. The fear and greed index provided by virtual asset data company Alternative.me is in a 'fear' state at 40 points, down 6 points from the previous day.
The possibility of a bull market resuming has been raised following the expiration of $10 billion (13.893 trillion won) worth of Bitcoin (BTC) and Ethereum (ETH) options this week.
According to CoinDesk on the 26th (local time), $6.68 billion (KRW 9.2805 trillion) in BTC options and $3.5 billion (KRW 4.8625 trillion) in ETH options will expire on the 28th on the virtual asset exchange Deribit. That's right. This accounts for more than 40% of the total open interest in the virtual asset market, and rapid market fluctuations are expected. The larger the size of the expiring option, the greater the volatility due to increased trading, position liquidation, and rollover.
Luke Streers, CEO of Derivit, said, “More than 25% of open interest is maturing in a profitable state,” adding, “The total open interest scheduled to mature is over $10 billion, of which the remaining interest is maturing in a profitable state.” “The value of the options amounts to $2.7 billion,” he explained. If more than 25% of open interest matures with a positive yield, holders are assured of significant profits.
Meanwhile, the price of BTC has fallen 9% this month and is below $60,000. ETH also fell by nearly 10%. Streers pointed to miner selling, the German government's confiscation of BTC, and Mt. Gox's BTC redemption expected in early July as the reasons for the recent decline in the virtual asset market. Some analysts say that BTC and ETH are likely to turn strong early next month based on the call put skew indicator. Current call put indicators show that investors are willing to pay a higher price for call options than for put options. Streas added, “Although it is a bear market in the short term, investors are expecting BTC and ETH to turn upward by the 12th and 5th, respectively.”
- Reporter Yang Jin-ha
- jjing@rni.kr
< Copyright ⓒ Decenter, unauthorized reproduction and redistribution prohibited >
