Bullish Signals in Institutional Data for Bitcoin and Ethereum: Market Direction is Changing! - Coin Bulletin

On May 9th, the option contracts for 26,000 BTC are trading at a value of 2.67 billion dollars, while the elimination of previous high bear positions and the increase of June bull options indicate a shift in market direction.

Cryptocurrency options expirations provide important indicators for investors to understand future expectations. According to data shared by Wu Blockchain, on May 9, 26,000 Bitcoin (BTC) options reached expiration with a Put Call Ratio of 1.05. While the maximum pain point for these options occurred at the $94,000 level, the notional value reached $2.67 billion.

On the same day, 165,000 Ethereum (ETH) options also expired. These options traded at a maximum pain point of $1,850 with a Put Call Ratio of 1.42 and a nominal value of $360 million.

Market sentiment is turning positive

This week, the strong recovery of Bitcoin and Ethereum drew attention. The Bitcoin price rose above 100,000 dollars, while Ethereum increased by 20% in the last day, testing the 2,200 dollar level again.

Currently, the main maturity Realized Volatility (RV) for Bitcoin is hovering around 45%, and the Implied Volatility (IV) remains at similar levels. The Volatility Risk Premium is (VRP) in positive territory across all maturities. On Ethereum, the change is more pronounced. The sharp rise caused a massive rebound in all indicators, while the short-term IV exceeded 100%.

Bull trend in June options

It appears that the total open positions of expired options are less than 10% of the total open positions. The ratio of this month's put ( sale ) options was extremely high, and the selling pressure accumulated in previous periods was quite strong. However, currently, all of these positions have been reset.

With the improvement in the market, the rate of call options maturing in June ( has significantly increased. This situation indicates that investors' optimism regarding the market outlook for the upcoming period has increased.

In light of current data, the decrease in bear positions and the increase in bull positions in the cryptocurrency market are strong signals that the market is changing direction. In particular, the rapid recovery in Ethereum and Bitcoin holding above the $100,000 level indicates that investors' risk appetite is reviving.