Bitcoin Options Market Shows Bearish Sentiment Ahead of Expiry
September began with low trading volumes and volatility, as traditional finance dominated market headlines. Key points include:
- Gold rose to $3,560 before retreating; global government bond yields fell.
- Bitcoin perpetual funding rates have cooled to around 6% from double digits, with open interest dropping to over 720,000 contracts.
- Publicly listed bitcoin treasury companies saw declines in multiples to net asset value (mNAV):
- Strategy (MSTR) at 1.55
- Metaplanet (3350) at 1.71
- KindlyMD (NAKA) down 75%, trading at an mNAV of 2.5.
- Over $4.5 billion in crypto options are set to expire on Deribit, coinciding with the U.S. nonfarm payrolls report. Bitcoin options' max pain point is $112,000 with a put-call ratio of 1.38.
- Ether options account for $1.27 billion in notional value, with a put-call ratio of 0.78.
What to Watch
- Crypto Events
- Sept. 4: Polygon switches its mainnet token to POL from MATIC.
- Sept. 4: Apex Fusion's Nexus blockchain goes live.
- Sept. 10: Comptroller Jonathan V. Gould discusses digital assets at CoinDesk conference.
- Macro Events
- Sept. 4: ADP releases August U.S. private-sector employment data.
- Sept. 4: S&P Global releases August Canada manufacturing and services data.
- Sept. 4: ISM releases August U.S. services sector data.
Token Events
- Governance votes ongoing for Arbitrum DAO, Uniswap DAO, and Lido DAO.
- Unlocks:
- Sept. 5: Immutable (IMX) unlocks 1.27% of circulating supply.
- Sept. 11: Aptos (APT) unlocks 2.2%.
- Token launches:
- Sept. 4: Gata (GATA) listed on multiple exchanges.
- Sept. 4: Tradoor (TRADOOR) listed on various platforms.
Market Movements
- BTC down 1.06% at $111,024.03
- ETH down 1.58% at $4,395.87
- DXY up 0.15% at 98.29
- Gold futures down 1.01% at $3,598.80
Bitcoin Stats
- BTC Dominance: 58.44%
- Hashrate: 990 EH/s
- CME Futures Open Interest: 134,255 BTC
Derivatives Positioning
- BTC derivatives activity remains muted with open interest at about $30 billion.
- Options data shows mixed signals; traders favor puts over calls for downside protection.
In the Ether
- Donald Trump-linked WLFI token reached a record low of $0.174, reflecting decreased popularity.
- A trader gained $250 million from early purchases, while another lost $2.2 million on futures.