Market Commentary von Patrick Heusser, Crypto Finance AG
I'll keep it short today. The main focus right now seems to be on the options expiry. I, however, do not believe that it will trigger a trend change (neither up nor down).
This morning we did see some shenanigans happening on Deribit in the perpetual futures contract. We quickly dropped down to 9k; all the other exchanges showed very muted reactions.
The volume that went through on Deribit was decent and, I believe, is linked to the options expiry. This might remain the behaviour throughout the day until expiry, but with no real direction or trend. There are just wicks, which will kill a few scalpers out there.
?74k BTC out of 138k total OI in BTC options has just expired or 53% with a notional value of approximately USD 675 million
? 309k out of 717k total OI in ETH options has just expired or 43% with a notional value of approximately USD 71 million
— Deribit (@DeribitExchange) June 26, 2020