Major cryptocurrencies traded mixed on Wednesday evening as Bitcoin’s momentum slowed and it experienced a small price correction.
What Happened: Over $9.4 billion worth of Bitcoin options are scheduled to expire on the Deribit cryptocurrency exchange on March 29. This indicates a potential maximum pain price of $50,000, according to data shared by Unfolded in a March 27 X post.
The max pain price is the strike price with the most open Bitcoin options contracts (puts and calls). It represents the price at which the majority of option holders would experience financial losses at expiration.
Last week, after experiencing five days of consecutive negative outflows, spot Bitcoin ETFs witnessed a significant turnaround. On March 25, coinciding with Bitcoin’s highest daily close above $69,000 in the past 10 days, these ETFs observed a net flow of over $15 million. Furthermore, on March 26, the 10 Bitcoin ...