ETF Revelation

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Chart of the Day

Last Friday, Bitcoin options saw aggressive buying of near-term calls that are set to expire on Oct. 22 and Oct. 29, with most calls falling in the $60k-65k range. Put options were bought as well to hedge against the risk of a “buy rumor sell news” situation. With the IV pumped and basis squeezed, the price of BTC rallied to $62k in the early hours of Oct. 16, but retraced to tight range trading shortly after. As the ETF approval deadline approaches, market sentiments once again picked up after BTC found its support around the $60k level; it is currently accelerating towards $65k. Meanwhile, the momentum cascades into ETH, propelling the price above the $3.8k resistance zone.

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