The realization of the $3.35 billion option in Bitcoin and Ethereum has raised questions about whether the correction is over.
According to data shared by Greeks.Live on Twitter on March 22, options worth 25,000 Bitcoin worth $1.7 billion and 250,000 Ethereum worth $890 million have expired.
The ratios of sell rates to buy rates for these options are 0.56 for Bitcoin and 0.51 for Ethereum. While some investors bought options for the rise, others bought put options to protect their investment.
The maximum yield levels for these options were $67,000 for Bitcoin and $3,500 for Ethereum. The fact that these levels were reached during the day raised question marks in the minds.
Bitcoin couldn’t maintain $70,000
According to option data, it was observed that the crypto market changed direction this week. It was stated that this past weekend might be the last leg of the rally and if Bitcoin could not maintain $70,000, there could be problems with the rise.
Greekslive pointed out that there was a significant decline in prices and an increase in demand for put options this week. However, with the decrease in prices, the number of positions closed with profit decreased.
The demand for put options increased speculation that the correction would continue.
According to CoinGecko data, while Bitcoin and Ethereum saw a slight recovery, in the last 24 hours, Bitcoin is trading at $67,732 and Ethereum at $3,691, with a decline of over 6%.
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