Bitcoin traders put eyes on $31K even as $2B in BTC options expire on Friday

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Bitcoin traders put eyes on $31K even as $2B in BTC options expire on Friday
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Bitcoin options data suggests that the $29,000 level will hold even as $2 billion in BTC options expire on Friday. noshitcoins explains why traders are still focused on prices above $31,000.

The recent positive corporate earnings also support the bullish momentum in risk-on markets. Along with the latest Consumer Confidence data, they strengthen the argument that the risk of a recession is diminishing, at least in the short term. For starters, Meta Platform reported $32 billion in 2Q revenues, surpassing the market's estimates.

This crude estimate disregards more complex investment strategies. For instance, a trader could have sold a put option, effectively gaining positive exposure to Bitcoin above a specific price. Unfortunately, there’s no easy way to estimate this effect.1,100 calls vs. 10,000 puts. The net result favors the put instruments by $240 million.3,000 calls vs. 6,800 puts. The net result favors the put instruments by $110 million.6,500 calls vs. 6,600 puts.

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