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Bitcoin Retraces As Crypto Market Braces For Expiry; BOJ Adjusts Yield Curve Control


The crypto market braces for the monthly expiry amid key rate hike decisions by the US Federal Reserve, European Central Bank, and Bank of Japan. Traders can anticipate volatility as $3.12 billion in Bitcoin and Ethereum options are set to expire today.

Bitcoin and Ethereum prices remains under pressure due to Friday’s options expiry and technicals pointing to monthly close below key support levels. In addition, Bank of Japan (BOJ) adjusts yield curve control (YCC) in response to manage risks of rising inflation, as well as improve sustainability of stimulus policy. Meanwhile, BOJ kept its interest rate unchanged at -0.1%, making USD volatile against Yen.

Bitcoin and Ethereum Options Expiry

71k BTC options with a notional value of $2.08 billion are about to expire on Friday, July 28. The Put/Call Ratio is 0.57, with call open interests of 45,396 and put open interests of 25,874. The max pain is at 29,000. Max pain point is the price at which the largest number of options holders face financial loss. Currently, the BTC price is trading near the $29,150 level.

Bitcoin (BTC) Options crypto
Bitcoin (BTC) Options To Expire. Source: Deribit

In addition, 601k ETH options are set to expire, with a notional value of $1.12 billion. The Put/Call Ratio is 0.37, with call open interests of 439,277 and put open interests of 162,313. The max pain is at 1,850. Currently, the ETH price is trading above $1,857.

It indicates both Bitcoin and Ethereum traders faces liquidation risks as the prices are expected to drop below max pain price of $29,000 and $1850, respectively.

Ethereum (ETH) Options Expiry crypto
Ethereum (ETH) Options Expiry. Source: Deribit

Also Read: XRP Perpetual Futures Volume Data Signal Massive Price Rally Above $1

Bitcoin and Ethereum Prices Under Pressure

The U.S. Dollar Index (DXY) showing volatility, moving near 101.71 on the day of Bitcoin expiry. BTC price is anticipated to fall if DXY rises further in response to macro events.

BTC price fell 1% in the last 24 hours and more than 2% in a week, with the price currently trading at $29,185. The 24-hour low and high are $29,099 and $29,560, respectively. Furthermore, the trading volume has decreased by 17% in the last 24 hours, indicating a lack of interest among traders.

Meanwhile, ETH price also remains under pressure due to selloffs by whales and profit taking by future traders at higher levels. ETH trades at $1,858, down 1% in the past 24hrs

Also Read: Ethereum Price Rally Awaits This Bullish Pattern Confirmation

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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