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Monday

26 July 2021

Bitcoin traders watch $32K ahead of Friday's $330M BTC options expiry

Bitcoin traders watch $32K ahead of Friday's $330M BTC options expiry


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On July 21, Alameda Research announced that the company made Bitcoin purchases below $30,000, and Sam Trabucco, the firm's quantitative trader, mentioned that the narrative for BTC could turn bullish because of the ongoing fear, uncertainty and doubt (FUD) caused by the China BTC mining ban, Grayscale GBTC unlock and recovery in stock markets.

During the July 21 meet-up with Cathie Wood and Jack Dorsey, Musk said that despite the rumors, he completely opposes recent speculations that Tesla has been selling some of its Bitcoin position.

However, bears might have set themselves a trap because 96% of the put options used $32,000 or lower strike prices.

If Bitcoin manages to stay above that level at 8:00 AM UTC on Friday, only $8 million put options will take part in the expiry.

If $32,000 fails to hold, bears will have a $9 million lead because only 9% of the call options have been placed at $31,000 or lower.

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