• Over $2.2 billion worth of Bitcoin options are set to expire on May 26th.
• Ethereum exchange balance has dropped to a five-year low.
• Tether’s holdings of US treasuries rivals the world’s wealthiest countries and USA Bitcoin mining pools have surged to over 50% of hash rate.
Options Expiry for Bitcoin
Over $2.2B worth of options for Bitcoin are set to expire on May 26, according to Deribit data as of May 23rd. This puts a notional value of just over $2.3 billion, with a max pain price of $27,000 and 0.38 Put Call Ratio.
Ethereum Exchange Balance Drops
The Ethereum exchange balance has dropped to five-year low, with approximately 700,00 options expiring on May 26th according to Deribit data as of May 23rd, which puts a notional value of just over $1.3 billion with a max pain price at $1,800 and 0.49 Put Call Ratio.
Tether’s Holdings
Tether’s holdings in US treasuries currently rivals the world’s wealthiest countries, which could cause short term volatility in the crypto markets due to potential effects from the expiry date on May 26th for both Bitcoin and Ethereum Options contracts..
USA Mining Pools Surge
USA bitcoin mining pools have surged to over 50% of hash rate which indicates that more miners may be joining the network soon driving up competition amongst miners in the pool even further as they compete for rewards from blocks found throughout the network’s operations..
Bitcoin is Second Largest Chain by NFT Volume
Bitcoin is now also second largest chain by NFT volume indicating that digital assets are becoming more popular amongst investors looking for unique investments outside the traditional markets like stocks or commodities trading marketplaces