Bitcoin (BTC) Price Subject to 'Intra-Day Volatility', Says Crypto Analyst Michael van de Poppe

News
Fri, 06/26/2020 - 12:16
Vladislav Sopov
While the majority of traders are waiting for the Bitcoin (BTC) price to move after the massive expiration of contracts, a top trader says it may be overestimated
Cover image via stock.adobe.com
Contents

Top-league Dutch analyst and trader Michael van de Poppe showcased some numbers to look at instead of waiting for the effects the unique contracts expiration will have.

Nothing but intra-day volatility

Mr. van de Poppe underlined that the futures and options expiration day may bring intraday volatility, but other price catalysts remain much more powerful in terms of the effect on the Bitcoin (BTC) price.

Image via Twitter

However, the market structure and price action remain important regardless of the expiration of futures. And it takes more than one catalyst to initiate a decisive move in the Bitcoin (BTC) price.

In terms of futures trading, Mr. van de Poppe supposes that the vast majority of traders will just flip over to new contracts as their old positions expire.

At press time, Bitcoin (BTC) is changing hands at $9,167 on major spot exchanges, only 1.45% down in 24 hours.

Bitcoin (BTC) futures expiration for the record book

As covered by U.Today, today's expiration of Bitcoin (BTC) futures is the biggest in derivatives trading history.

Recently, the Deribit cryptocurrency contracts trading platform reported the start of the expiration process. According to an announcement from the product team, 53% of Bitcoin (BTC) futures and 43% of Ethereum (ETH) futures have already expired.

Image via Twitter

At press time, the platform reported the expiration of $726M in contracts. The overall amount of contracts to expire today is approaching 1.1B USD.

As covered by U.Today Crypto News, the Bitcoin (BTC) futures volume has surged significantly throughout a turbulent 2020.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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