- Interest in Bitcoin ETFs continued to grow even as BTC’s price remained stagnant.
- Traders maintained a bullish perspective despite uncertainty.
Bitcoin [BTC] has been swinging between the $40,000-$43,000 range for an extended period, fostering a sense of pessimism among many regarding BTC’s future trajectory.
ETFs continue to attract investors
Even in the face of recent declines, Bitcoin ETFs continued to register significant trading volumes. ARKB leads in volume, closely pursued by FBTC.
Notably, Grayscale Bitcoin Trust (GBTC) has experienced a decline while other ETFs have seen an ascent. This dynamic suggests a shifting landscape within the cryptocurrency market.
If this sustained interest translates into increased demand for Bitcoin, it could potentially counterbalance the downward pressure on its price.
? #Bitcoin #ETF's are still seeing plenty of volume, despite recent drops. $ARKB is seeing the most volume, with $FBTC not far behind. Long-standing #GrayscaleBitcoinTrust $GBTC has unsurprisingly declined as others have risen.
Enjoy our FREE dashboard: https://t.co/3807VH2CW1 pic.twitter.com/dId1ppkblC
— Santiment (@santimentfeed) February 1, 2024
At press time, BTC was trading at $42,984.29 and its price rose 2.01% in the last 24 hours. The recent dip in its price wasn’t significant enough to break the bullish trend that BTC had established by displaying both higher highs and higher lows over the last few months.
If there is some bullish momentum for BTC generated in the next few days, the price of BTC could rise up to its January highs.
However, it’s important to note that the current downward trend in BTC’s Relative Strength Index (RSI) suggested a lack of immediate bullish momentum.
Source: Santiment
Traders remain bullish
Coming to the state of the traders, it was seen that 22,000 BTC options were about to expire.
The Put Call Ratio (PCR) is a measure of the ratio of bearish (put) to bullish (call) options. In this case, it was standing at 0.66, suggesting a higher proportion of bullish sentiment among traders.
The Maxpain point was at $42,000. It is the price at which the least number of options holders would incur maximum losses.
If the price stays around this level during expiration, it would minimize losses for most traders. Additionally, the notional value for this set of options was at $960 million which represented the total value of the options at stake.
How much are 1,10,100 BTCs worth today
Only time will tell whether the bullish bet made by the traders prove to be fruitful.
Feb. 2 Options Data
22,000 BTC options are about to expire with a Put Call Ratio of 0.66, a Maxpain point of $42,000 and a notional value of $960 million.
230,000 ETH options are about to expire with a Put Call Ratio of 0.33, a Maxpain point of $2,300 and a notional value of… pic.twitter.com/tEQWxRXxtB— Greeks.live (@GreeksLive) February 2, 2024
