Bitcoin, Ethereum, Dogecoin Move Lower Ahead Of Crypto Options Expiry: 'Bears Are Getting Cocky,' Analyst Says
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets are trading lower ahead of a significant crypto options expiry, with $2.9 billion in options set to expire. Bitcoin, Ethereum, and Dogecoin are among the cryptocurrencies experiencing declines. Notable statistics include a rise in large transaction volumes and daily active addresses, but a significant narrowing in exchange netflows. Additionally, a large number of traders were liquidated in the past 24 hours, with Bitcoin liquidations reaching the highest levels since July 25.
August 01, 2024 | 8:24 pm
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NEGATIVE IMPACT
Bitcoin is trading lower ahead of a $2.9 billion options expiry, with significant liquidations and a rise in large transaction volumes and active addresses.
The upcoming options expiry and significant liquidations are likely to exert downward pressure on Bitcoin in the short term. The rise in large transactions and active addresses indicates increased activity, but the overall sentiment remains bearish.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin is trading lower ahead of the crypto options expiry, reflecting the broader bearish sentiment in the market.
Dogecoin's decline is in line with the broader cryptocurrency market's bearish sentiment ahead of the options expiry, suggesting short-term downward pressure.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum is experiencing a decline ahead of the crypto options expiry, with market sentiment remaining bearish.
The overall bearish sentiment in the cryptocurrency market, coupled with the upcoming options expiry, is likely to negatively impact Ethereum's price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100