On Friday, June 28, Bitcoin and Ether options worth a combined $10 billion are set to expire on the leading crypto derivatives exchange Deribit. This expiry, representing over 40% of the current cumulative open interest, could trigger a surge in market volatility as traders adjust their positions.  **Over 25% of the options are set to expire "in the money,"** meaning their holders will see profits, potentially pushing prices higher. Despite recent market downturns, **traders are optimistic about the future of Bitcoin and Ether, anticipating a bullish shift in July.**  The upcoming trading of an Ethereum ETF in the first week of July is also expected to boost sentiment. 

Over 25% of options are set to expire "in the money," Deribit's Luuk Strijers told CoinDesk.

MarketsRenewed Bullishness Expected After Bitcoin, Ether's $10B Options Expiry on FridayOver 25% of options are set to expire "in the money," Deribit's Luuk Strijers told CoinDesk. By Omkar GodboleJun 26, 2024 at 7:11 a.m. UTCUpdated Jun 26, 2024 at 7:14 a.m. UTCShare on FacebookShare on LinkedInShare on X(Shutterstock)Share on FacebookShare on LinkedInShare on XThe size of the impending BTC, ETH options expiry represents over 40% of total notional options open interest on Deribit.Over 25% of options are set to expire "in the money."Traders anticipate a renewed bullish shift in bitcoin and ether next month.It's that time again when discussions about activity in the crypto derivatives take precedence.On Friday at 08:00 UTC, bitcoin (BTC) options worth $6.68 billion and ether (ETH) options worth $3.5 billion are set to expire on the leading crypto derivatives exchange Deribit.The impending expiry, which represents over 40% of the current cumulative open interest of over $23 billion, could trigger a surge in market volatility. Large quarterly expiries often lead to increased volatility, making prices more unpredictable due to higher trading volumes and the closing/rollover of positions."As we approach Friday's large quarterly expiry, potentially influenced by 'quadruple witching' and related volatility in U.S. stock markets, over 25% of Deribit open interest is set to expire in-the-money, equating to over $2.7 billion. The total notional size of the expiry is over $10 billion," Luuk Strijers, chief executive officer at Deribit, told Coindesk in an interview.Options are derivative contracts that give the holder the right but not the obligation to buy or sell the underlying asset at a predetermined price on or before a specific date. A call gives the right to buy, while a put offers the right to sell. On Deribit, one options contract represents one BTC or ETH.Having more than 25% of open interest set to expire in the money means a significant number of derivative contracts are expected to be profitable for their holders at expirations.Bitcoin, the leading cryptocurrency by market value, has dropped nearly 9% this month, testing bargain hunters below $60,000 at one point. As usual, the sell-off has weighed over the broader market, pulling ether down by almost 10%."The recent price drop was caused by miner sales, some pressure from German-seized BTC, and, of course, the imminent transfer of Mt. Gox coins expected in early July," Strijers said.Still, call-put skews show investors are willing to pay a higher premium for near-term and long-term calls offering asymmetric upside than puts, according to data tracked by Amberdata."While short-term bearish sentiment is evident, traders anticipate a positive shift for bitcoin by July 12 and ETH by July 5, looking at options skew. Trading in the ETH ETF is expected to start in the first week of July," Strijers noted.Edited by Parikshit Mishra.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Omkar GodboleOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.Follow @godbole17 on TwitterRead more aboutBitcoinEtherMarketsTradingOptionsDeribit

Renewed Bullishness Expected After Bitcoin, Ether's $10B Options Expiry on Friday

Bitcoin, Ether Options Expiry to Trigger Market Volatility, Expect Renewed Bullishness

Despite Bitcoin's recent dip below $60,000, US Spot Bitcoin ETFs have seen positive momentum for four straight days, with **BlackRock's IBIT ETF** leading the way with a significant **$82.4 million influx**.  This influx comes after a week of volatility, with a **$174.5 million outflux on June 24th** followed by inflows over the next four days. This week's **net outflux of $37.3 million** highlights a **volatile yet optimistic market** with investors adjusting to changing dynamics. While **other major Bitcoin ETFs** like **Grayscale's GBTC** and **Fidelity's FBTC** saw **outflows**, BlackRock's investment signals a **shift in investor sentiment**, favoring ETFs with potential for growth. Analysts are keeping a close eye on **Bitcoin price movements** with warnings of **significant liquidations** if the price drops below certain levels.

The Bitcoin price has once again dropped today, falling below the $60,000 mark, while the U.S. Spot Bitcoin ETFs noted a positive momentum for the fourth straight day. Notably, several market analysts have attributed the recent sluggish trading of the U.S. Spot Bitcoin ETF as a key reason behind the BTC price dip. However, with <a class="mh-excerpt-more" href="https://coingape.com/bitcoin-etf-records-4-day-streak-blackrock-boosts-82m-influx/" title="Bitcoin ETF Records 4-Day Streak As BlackRock Boosts With $82M Influx"></a>
The post <a href="https://coingape.com/bitcoin-etf-records-4-day-streak-blackrock-boosts-82m-influx/">Bitcoin ETF Records 4-Day Streak As BlackRock Boosts With $82M Influx</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin ETF Sees 4-Day Inflow Streak as BlackRock Invests $82M

A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in its lawsuit against Binance, Binance.US, and Changpeng Zhao. The judge dismissed the SEC's claims against Binance related to **secondary sales of BNB** and **Simple Earn**, but allowed other charges, including **initial coin offering**, **ongoing sales**, **BNB Vault**, **staking services**, **failure to register**, and **fraud**, to proceed. The judge cited the **economic reality** of the tokens' transactions in her decision, aligning with the **Supreme Court's interpretation of 'investment contracts.'** The judge also rejected arguments that the SEC lacks authority to regulate crypto entities under the **major questions doctrine**, stating the crypto industry does not meet the criteria for applying this doctrine. This decision is significant as it reinforces the SEC's stance on the **regulation of cryptocurrencies**. It is a critical step in the SEC's larger mission to regulate the crypto industry, with similar charges being filed against major crypto players like Coinbase, Kraken, Consensys, and MetaMask.

A federal judge ruled the SEC had plausibly alleged Binance, Binance.US and Changpeng Zhao violated federal securities laws.

U.S. Judge Lets Most of SEC Case Against Binance Proceed, Dismisses Secondary Sales Charge

SEC Case Against Binance Mostly Allowed to Proceed: Judge Dismisses Secondary Sales Charge

The IRS has established a reporting system for crypto brokers, mandating the filing of 1099 forms similar to traditional investment firms. However, regulations for decentralized finance (DeFi) and non-hosted wallet providers have been postponed until later in the year. This new rule will take effect for transactions starting in 2025 and will require brokers to track the cost basis of their customers' tokens beginning in 2026. The IRS has exempted most routine stablecoin sales and set a $600 annual threshold for NFT proceeds before they need to be reported. Although the IRS acknowledges that non-custodial industry participants should be considered brokers, the agency needs more time to consider the complexities associated with them. The agency also clarified that its attempt to classify crypto assets is not intended to influence the ongoing debate between the Securities and Exchange Commission (SEC) and the industry on whether tokens are securities or commodities. This rule will affect approximately 15 million individuals and 5,000 firms, and the IRS is committed to monitoring the implementation of the new rules and making adjustments if necessary.

The IRS has now set up its reporting system for crypto brokers, but it set aside related rules for DeFi and unhosted wallets as it continues to study 44,000 comments to the agency.

U.S. Treasury Issues Crypto Tax Regime For 2025, Delays Rules for Non-Custodians

IRS Sets Crypto Tax Reporting Rules for 2025, Defers DeFi and Non-Custodial Regulations

The crypto market continues to experience volatility, with altcoins showing another week of rocky trading. However, **Bitcoin's price dips** are being seen as buying opportunities by some traders, as evidenced by **fresh inflows into spot Bitcoin ETFs**.  **Bitcoin** remains range-bound, but bulls are trying to maintain the price above **$60,000**.  **Ether**, meanwhile, has seen a relief rally but is facing selling pressure at the moving averages.  **BNB** is also struggling to recover, with buyers defending the **$560 support** but facing selling at the 20-day EMA.  **Solana** saw a sharp increase on June 27 but is now facing strong selling from the bears.  **XRP** is also facing pressure from the bears, with the **$0.46 support** at risk.  **Dogecoin** has been stuck in a narrow range between **$0.12 and $0.13**, while **Toncoin** is struggling to sustain a breakout above **$7.67**.  **Cardano** remains range-bound, while **Avalanche** is showing signs of a possible recovery after a breakdown.  **Shiba Inu** is also stuck in a tight range, with the potential for a downside move if the **$0.000016 level breaks**.  Overall, the market remains volatile, but **bullish sentiment** could be growing as indicated by the ETF inflows. However, traders should remain cautious and **conduct thorough research** before making any investment decisions.

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvZWZiYTU4YWQtMzc0ZC00YzEwLTkzN2ItM2VjMjJiMWMyNmU3LmpwZw==.jpg">Altcoins see another week of rocky trading, while traders are viewing Bitcoin price dips as a buying opportunity, as seen from the fresh inflows into the spot Bitcoin ETFs.

Bitcoin & Altcoin Price Analysis: Where Are the Markets Heading?

Despite a recent downturn, the **Bitcoin** market is showing signs of resilience. While **Bitcoin**, **Ethereum**, and **Dogecoin** experienced price declines, a trader remains optimistic, predicting a **'decent year-end run'** beginning in late Q3.  Several factors suggest a positive outlook:

* **Bitcoin miners' selling pressure is easing**, with a significant decrease in withdrawals from miner-affiliated wallets.
* **Bolivia legalized Bitcoin**, lifting a decade-long ban and allowing financial institutions to officially use it.
* **IntoTheBlock data indicates a surge in large transaction volume**, suggesting increased investor activity.
* **Technical chart analysis** predicts **Bitcoin** will reach $62,000 to grab a $43 million liquidity wall.

While the recent dip might be a **normal correction**, analysts believe **Bitcoin** remains in a **bull market**.

Cryptocurrency markets are trading down, even though U.S. inflation reading <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">remaining unchanged in May</a>.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$60,719.49</td>
<td>-1.7%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$3,378.62</td>
<td>-2%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$141.47</td>
<td>-4.8%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.1237</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001704</td>
<td>-2.8%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows a 74% surge in large transaction volume as daily active addresses increased by 13.8%. Exchanges netflows spiked 704.6%.</li>
<li>Coinglass data noted 35,808 traders liquidated for $112 million in the past 24 hours.</li>
<li>Bitcoin miners&#039; <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39546332/bitcoin-miners-may-be-done-selling-heres-what-that-means">selling pressure is easing</a>, as Bitcoin withdrawals from miner-affiliated wallets <a href="https://x.com/CarlBMenger/status/1806653385669480457">decreased by 85%</a> since the halving in April.</li>
<li>Bolivia <a href="https://x.com/SimplyBitcoinTV/status/1806681822903845368">legalized Bitcoin</a>, lifting a decade-long banm and cryptocurrency payments enabling financial institutions to officially use them.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39552185/bitcoin-powered-core-blockchain-launches-exchange-traded-product-in-sweden">Bitcoin-Powered Core Blockchain Launches Exchange-Traded Product In Sweden</a></li>
<li><a ...</li></ul><a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39556823/bitcoin-ethereum-dogecoin-reverse-positive-price-trend-but-trader-expects-decent-year-end- alt=Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects &#039;Decent Year-End Run, Starting Late Q3&#039;>Full story available on Benzinga.com</a>

Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects 'Decent Year-End Run, Starting Late Q3'

Bitcoin Market Takes a Dip, But Trader Predicts Strong Year-End Run

John Bollinger, the creator of the Bollinger Bands indicator, predicts that **Bitcoin (BTC)** will likely continue to consolidate, as he has observed no bounce after a two-bar reversal at the lower Bollinger Band. This comes as Bitcoin faces a **tumultuous month**, with a **10.1% month-to-date (MTD) slump** and an ongoing **sell-off in the spot Bitcoin ETF market**. Bollinger Bands don't predict the specific timing of a trend reversal, but they do suggest **oversold conditions** for Bitcoin.  **Recovery** for Bitcoin, however, requires a **strong catalyst**, potentially in the form of the SEC approving a **spot Ethereum ETF**. Meanwhile, some **altcoins** like **Toncoin** are decoupling from Bitcoin's sluggish price action, demonstrating growth. 

The week is almost out and many investors&#8217; expectations regarding the price of Bitcoin (BTC) might not come to pass. The coin has maintained its consolidation moves, hitting a low of $60,612.59 in the past 24 hours. Bitcoin Price Consolidation To Continue According to John Bollinger, the creator of the Bollinger Bands indicator, the price <a class="mh-excerpt-more" href="https://coingape.com/john-bollinger-predicts-more-bitcoin-btc-consolidation-ahead/" title="John Bollinger Predicts More Bitcoin (BTC) Consolidation Ahead"></a>
The post <a href="https://coingape.com/john-bollinger-predicts-more-bitcoin-btc-consolidation-ahead/">John Bollinger Predicts More Bitcoin (BTC) Consolidation Ahead</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

John Bollinger Predicts More Bitcoin Consolidation, Here's Why

While analysts and traders have long anticipated that cooling inflation would benefit the cryptocurrency market, Bitcoin (BTC) and altcoins remain subdued. This article delves into the reasons behind this unexpected trend. **Despite the Fed's recent success in curbing inflation**, the cryptocurrency market has not reacted positively. While **lower inflation typically leads to interest rate cuts**, **boosting liquidity and investor risk appetite**, the strength of the U.S. dollar is **dampening the potential benefits** for cryptocurrencies. **The Fed's successful inflation control**, combined with a robust job market and increasing personal income, has **strengthened the U.S. dollar**, indicated by a rising Dollar Strength Index (DXY). This dollar strength, in turn, **negatively impacts cryptocurrencies**, which tend to underperform when the U.S. dollar appreciates.  **While a potential rally for Bitcoin and other cryptocurrencies later in 2024 is possible**, there is uncertainty surrounding the impact of expansionary monetary policy on the economy and the dollar. **The current situation suggests that lower inflation might not automatically translate to a booming crypto market.**

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvMWY1NTdjNjctMGI1NC00NzA5LWE4MjAtYTFmNjFlZGY4ZTJkLmpwZw==.jpg">For years analysts and traders have said cooling inflation would benefit the crypto market, yet prices are still down. Cointelegraph explains why.

Bitcoin, Ether Options Expiry to Trigger Market Volatility, Expect Renewed Bullishness

Key Points:

Comments

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