ETH traders face potential losses as its price was close to the maximum pain pointcontracts, valued at $950 million, would expire on the same day. At press time, the Put/Call Ratio for Bitcoin was 0.61 while the maximum pain point was $62,500.In trading options, a put means that a trader has placed a position to place a contract up for sale. In this case, the expectation is that the price of the asset decreases so the position can make gains.
Conversely, a reading of 0.50 and below implies a bullish sentiment in the market. For Bitcoin, the ratio revealed that the number of put and call positions was close, indicating a However, at the same time, ETH was valued at $3,018. The closeness of this to the maximum pain point leaves ETH traders at a big risk of“Btc is more balanced between long and short, while the ETH price is weak leading to continued weakening of the market confidence, and selling calls have become the absolute main deal.”
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »