Bitcoin's long strength still intact and halving just this Sat.
Despite the extreme panic spreading in the market yesterday as Bitcoin fell below the $60,000 mark and Eth below the $3,000 mark, major term options IVs are falling significantly.
This is mainly caused by the sharp drop in call option prices, with the monthly skew now at a new low since the current bull market. Puts are priced much higher than calls, while long-term options have fallen to near the zero.
Looking at options indicators, the long side of ethereum is more fragile and has limited ability to lead the market. With Bitcoin's long strength still intact and halving just this Saturday, the bulls still need Bitcoin to lead this month.
This is mainly caused by the sharp drop in call option prices, with the monthly skew now at a new low since the current bull market. Puts are priced much higher than calls, while long-term options have fallen to near the zero.
Looking at options indicators, the long side of ethereum is more fragile and has limited ability to lead the market. With Bitcoin's long strength still intact and halving just this Saturday, the bulls still need Bitcoin to lead this month.