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The crypto derivatives market saw a surge in activity on January 24, with a notable increase in options volume for Bitcoin and Ethereum. According to macro research from Greeks.live, 31,000 Bitcoin (BTC) USD options expired, with a Put Call Ratio of 0.48, a Maxpain point at $100,000, and a total notional value of $3.19 Billion.
Ethereum (ETH) options also recorded significant expirations, totaling 174,000 contracts with a Put Call Ratio of 0.47, a Maxpain point of $3,300, and a notional value of $580 Million.
Options Volume and Open Interest
The options market showed a sharp increase in trading activity, with Bitcoin USD options volume rising by 58.50%, reaching $4.76 Billion. This increase suggests heightened interest in short-term trading strategies.
However, open interest in BTC options declined by 4.92%, falling to $37.09 Billion. A drop in open interest indicates that traders are closing existing positions rather than initiating new ones, reflecting short-term speculation rather than long-term positioning.
Similarly, Ethereum options volume surged by 38.06% to $1.21 Billion, indicating increased market engagement. Open interest in ETH options fell by 5.92%, settling at $8.10 Billion.
This decrease suggests that traders were exiting positions at a faster rate compared to Bitcoin.
Meanwhile, total derivatives trading volume for Ethereum rose by 89.40% to $54.30 Billion, reflecting heightened speculative interest. The overall derivatives market experienced a significant surge, with total volume increasing by 132.35% to $187.02 Billion.
Macro Factors Influence Market Sentiment
Greeks.live highlights that Bitcoin remained above the $100,000 level, with analysts pointing to a growing probability of it becoming a reserve asset for major institutions and the U.S. government.
With the inauguration of Donald Trump as the new U.S. president, market participants are closely monitoring potential policy changes that could favor cryptocurrencies.
Greeks.live research indicated that the market’s pursuit of Bitcoin could persist throughout the year, depending on regulatory developments.
Meanwhile, global macroeconomic conditions added to market volatility. The Bank of Japan announced a 25 basis points rate hike, signaling a shift in its monetary policy stance.
In the United States, the Federal Reserve is expected to maintain its current policy stance, with no immediate rate cuts anticipated. Greeks.live suggested that macro events may stabilize, with investor attention shifting toward potential policy changes under the new U.S. administration and inflows into Bitcoin exchange-traded funds (ETFs).
Short-term options trading strategies could be employed to navigate market uncertainty.
Price Action Reflects Bullish Momentum
On the technical end, Bitcoin’s daily technical indicators suggest continued bullish momentum. The Relative Strength Index (RSI) stood at 61.85, trending above its moving average of 56.75.
The RSI remained in the bullish zone, indicating that buying momentum continued.
If the RSI surpasses 70, Bitcoin could enter overbought territory, leading to potential short-term corrections.
The Moving Average Convergence Divergence (MACD) indicator showed positive momentum, with the MACD line at 2,202, above the signal line at 1,492.
On the other hand, Ethereum’s price action showed mixed signals. The RSI stood at 52.10, slightly above its moving average of 45.97. While the indicator suggested mild bullish momentum, it remained relatively neutral.
The MACD analysis showed a recent bullish crossover, with the MACD line at 13.80, surpassing the signal line at -34.10.
While the MACD histogram remained negative at -47.90, it showed signs of improvement, indicating that bearish momentum was declining. If the histogram turns positive, it could confirm a stronger upward trend.
