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On July 26, Bitcoin might experience price drops below $63,000 as $3.9 billion in futures contracts expire, raising market concerns.
Deribit's Significant Bitcoin Futures Expiry
On July 26, more than $3.9 billion worth of Bitcoin futures contracts will expire, which could cause the price of Bitcoin to drop below $63,000, per Cointelegraph.
Deribit, the leading cryptocurrency futures trading platform, saw more than $3.9 billion in Bitcoin futures options expire at 8:00 am UTC.
Analysts Warn of Potential Bitcoin Price Drop
The world's first cryptocurrency may come under further selling pressure if this "max pain point" is set at $63,000.
The cryptocurrency markets tend to experience more price volatility in the periods leading up to option expiration. There is no assurance that the underlying asset would decline to the maximum pain point, but it does show the price at which most options contracts will expire worthless.
Among the $5.48 billion in cryptocurrency options that were set to expire on Deribit, $1.57 billion were associated with Ether.
Although the first spot exchange-traded funds (ETFs) for Ether were introduced on July 23, the cryptocurrency has been having a difficult time gaining momentum.
As of 11:02 am UTC, the price of Ethereum was just below $3,250, according to statistics from CoinMarketCap, which shows a 2.3% increase on the daily chart but a 4.5% decline over the past week.
Popular cryptocurrency analyst Rekt Capital says Bitcoin must remain above the $65,000 level, which is critical support.
In a post to his 483,000 followers on July 26, the analyst wrote:
ETF Inflows Provide Hope
If Bitcoin ETFs continue to attract positive investment, it might boost Bitcoin's momentum. Farside Investors reports that on July 25, spot Bitcoin ETFs in the US saw positive inflows totaling $31.1 million, marking the second day in a row of such activity.
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