Bitcoin’s weekly futures and options trading volume both increased by more than 20% from the previous month, while Ethereum’s trading volume both contracted. The ratio of Bitcoin holdings to PCR reached 0.9, a record high since mid-2019. On March 26, Bitcoin and Ethereum option contracts worth over US$6.7 billion and US$2 billion will expire respectively.
Written by: Karen
Weekly market dynamics
- Binance lists BTC and ETH 1-75 times the 0625 U standard delivery contract for the second quarter.
- Binance lists MANA, HEAR, ALICE, ONE, LINA 1-25 times U standard perpetual contracts.
Futures market
Overview of extreme market liquidation
In the past week, Bitcoin has reached a new high and broke through the $60,000 mark. Within an hour from 17:00 on Monday, Bitcoin dropped by nearly $3,600 to around $55,000. During this period, it was liquidated by $750 million and the amount of liquidation on the day reached 1.9 billion. US dollars. Starting at 8:30 on Tuesday, within one hour of Bitcoin’s drop of nearly 2,000 US dollars, 420 million US dollars were liquidated, and a total of more than 800 million US dollars were liquidated that day.
Futures liquidation statistics on BitMEX, Binance, Bybit, Huobi, MXC, OKEx, source: Coin
Trading volume and open positions
The statistical scope of Bitcoin futures includes BitMEX, Binance, Bitfinex, Bakkt, Bybit, CME, Deribit, FTX, Huobi and OKEx. The scope of Ethereum futures statistics includes BitMEX, Binance, Bitfinex, Bybit, CME (launched on February 7), Deribit, FTX, Huobi and OKEx.
In the past week (March 12 to March 18), as Bitcoin once again set a new historical high, Bitcoin futures trading volume increased by more than 20% month-on-month, and positions were still near the peak, which was a change of 1% from a week ago. Inside.
Bitcoin futures contract trading volume, source: Skew
Open positions in Bitcoin futures contracts, source: Skew
The price of Ethereum has been consolidating around US$1,800 in the past week, and has not broken the previous high. Futures trading volume has also shrunk slightly, down 7% from the previous month, reflecting the slight decline in investor interest in Ethereum. In addition, there were no significant changes in open positions. It can be seen that compared to Bitcoin, investors are more cautious and wait-and-see about the current state of the Ethereum market.
Ethereum futures contract daily trading volume, source: Skew
Open positions in Ethereum futures, source: Skew
Option market
Trading volume and open positions
The scope of Bitcoin options statistics includes Binance, Bakkt, Bit.com, CME, Deribit, Huobi, LedgerX and OKEx. The scope of Ethereum options statistics is Bit.com, Deribit, Huobi and OKEx.
In the past week, the trading volume of Bitcoin options also increased by about 20% month-on-month to US$7.6 billion, and the value of holdings also rose slowly to about US$14 billion, continuing to refresh historical highs.
Bitcoin options contract trading volume, source: Skew
Bitcoin options contract trading volume, source: Skew
In Ethereum, the weekly trading volume decreased by nearly 8% month-on-month to around US$1 billion, and the open positions fell slightly, down nearly 4% from a week ago.
Ethereum option contract trading volume, source: Skew
Open positions in Ethereum options contracts, source: Skew
Ratio of open interest PCR
The Put/Call Ratio (PCR) is an indicator used to measure the ratio of bearish calls. If the PCR value is greater than 1, it means that the short is greater than the long; if it is less than 1, the short is less than the long.
From the perspective of a longer range, as Bitcoin continues to refresh its peak highs, the ratio of position PCRs has also continued to rise, and there is no sign of easing. It currently reaches 0.9, a new high since mid-2019, which means that the long-short game continues. Escalation, although the multi-party forces still control the situation, the air side is also constantly accumulating power.
Ratio of Bitcoin options open interest and trading volume PCR
In Ethereum, the ratio of open PCRs has not changed significantly, and has mostly remained between 0.7 and 0.8 this year.
The ratio of Ethereum options open interest and trading volume PCR
Option expiration
Today, 21,100 Bitcoin option contracts and 119,400 Ethereum option contracts will expire, with nominal values ​​of US$1.232 billion and US$215 million, respectively. There will be 115,100 Bitcoin option contracts on March 26. Valued at over US$6.7 billion, 666,100 Ethereum option contracts expired, with a nominal value of nearly US$2 billion.
Bitcoin option expiration, source: Skew
Ethereum option expiration status, source: Skew
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