# Options Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Options", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

‘40% of long-term supply under loss’ – Why Fidelity foresees Bitcoin cycle bottom

Bitcoin is showing signs of potentially forming a market cycle bottom, according to Fidelity. Analyst Zack Wainwright notes that long-term holders now possess a near-record 15 million BTC, with over 40% of this supply held at a loss—a level historically associated with bottoming phases. Data shows the supply in loss recently climbed to 50% as Bitcoin fell below $63,000, mirroring patterns seen at past cycle lows like the 2022 bottom near $16,000. However, recovery may face headwinds. U.S. spot Bitcoin ETF demand remains muted, with significant institutional outflows persisting, particularly from giants like BlackRock and Fidelity. Analysts suggest any sustained price recovery requires a reversal in this institutional selling pressure. Options market activity reflects caution, with high trading volumes for put options (bearish bets) targeting $62.5K and $56K, indicating hedging against further downside. While there is also call option interest at higher prices, signaling potential for a sideways range between $55K and $70K, the overall sentiment suggests $60K is a critical support level. Analysts warn that despite bottoming signals, sharp moves below $60K are possible amid ongoing macroeconomic and geopolitical pressures.

ambcrypto07/17 07:44

‘40% of long-term supply under loss’ – Why Fidelity foresees Bitcoin cycle bottom

ambcrypto07/17 07:44

$1.43B in Bitcoin and Ethereum Options Expire: Will Traders Brace for the Next Move?

A significant options expiry on July 17 saw 19,000 Bitcoin contracts (notional value $1.2B) and 123,000 Ethereum contracts ($230M) expire. Bitcoin's put-call ratio was 0.9 with a max pain point of $63,000, while Ethereum's elevated put-call ratio of 1.61 indicated stronger bearish hedging sentiment. BTC has been range-bound between $60K-$65K, with key gamma exposure levels at $64K and $70K. ETH's gamma is more dispersed between $1,825 and $2,000. Current market positioning shows caution, with traders using small, out-of-the-money bets and no clear directional conviction. In short-term price action, Bitcoin, trading near $62,777, faces immediate support around $62,631 and resistance near $62,859. A breakdown could push it below $62.5K. Ethereum, down over 5% to ~$1,825, risks falling toward $1,782 support, with further downside potentially below $1,700. A bullish reversal for ETH would need to break through the $1,867 zone to target above $1,900. Overall, market sentiment remains subdued amid broader equity corrections.

TheNewsCrypto07/17 07:13

$1.43B in Bitcoin and Ethereum Options Expire: Will Traders Brace for the Next Move?

TheNewsCrypto07/17 07:13

Pledging ETH Earned a Steady $46 Million, So Why is BitMine Still Deep in the Red?

BitMine reported a significant surge in revenue for Q3 FY2026, driven by its Ethereum staking and validation business which generated $45.7 million. However, the company posted a net loss of $83.6 million, primarily due to a $92.1 million loss from Ethereum derivatives and options trading. This loss, stemming largely from expired contracts and exercised positions, completely offset the gains from staking. To fund its aggressive accumulation of Ethereum, BitMine has heavily relied on equity financing, significantly diluting existing shareholders. In the first nine months of the fiscal year, it issued over 340 million shares to raise approximately $11.87 billion, using most of it to purchase Ethereum. As of May 31, the company held 5.42 million ETH with an average cost of $19.05 billion, resulting in an unrealized loss of roughly $8.2 billion due to market depreciation. While staking provides a stable cash flow that covers core operational costs, the company faces rising expenses from long-term service agreements and high management fees. Additionally, BitMine remains highly dependent on continuous access to capital markets for funding its operations and expansion. The company's long-term viability hinges on its staking income consistently covering these costs and future losses, its ability to secure ongoing equity financing, and a substantial recovery in the price of Ethereum.

marsbit07/16 04:19

Pledging ETH Earned a Steady $46 Million, So Why is BitMine Still Deep in the Red?

marsbit07/16 04:19

How Did BitMine, with Staked ETH Generating $46 Million in Steady Income, Still End Up in Massive Losses?

BitMine, a crypto asset manager, reported strong revenue growth in its fiscal Q3 2026, primarily from its Ethereum staking operations, which generated $45.7 million. However, the company posted a net loss of $83.6 million for the quarter. This significant loss was driven by a $92.1 million deficit from Ethereum derivative options trading, completely offsetting the staking income. The company is aggressively shifting from Bitcoin mining to accumulating Ethereum, financing this strategy almost entirely by issuing new common stock. This has led to substantial shareholder dilution, with the share count increasing by 149% over nine months. As of late May, BitMine held 5.42 million ETH with a massive unrealized loss of approximately $8.2 billion due to market depreciation. While the staking business provides a stable cash flow that covers core operational costs, profitability is pressured by high, fixed fees from long-term service agreements and growing administrative expenses. Although the company holds no traditional debt, its model heavily relies on continuous access to capital markets for equity financing to sustain its Ethereum accumulation. The company's long-term viability hinges on its ability to manage derivative risks, control costs, and benefit from a significant recovery in Ethereum's price.

Foresight News07/16 03:05

How Did BitMine, with Staked ETH Generating $46 Million in Steady Income, Still End Up in Massive Losses?

Foresight News07/16 03:05

Derive [DRV] gains 40% on Upbit news – THIS zone marks next major hurdle

Derive (DRV) surged approximately 40% following news of its upcoming listing on the South Korean exchange Upbit, with trading in KRW, BTC, and USDT pairs set to begin on July 14th. The announcement triggered aggressive buying, raising the price from $0.1147 to a peak of $0.19, though it later settled near $0.1471. Market capitalization reached roughly $109.64 million, and 24-hour trading volume spiked by over 1744% to $9.38 million. Technical indicators like the RSI hitting 84.43 prompted early profit-taking, suggesting overheated momentum. The key challenge for DRV is to prove sustained demand beyond the initial listing hype. Maintaining support above $0.131 will be crucial to confirm continued buyer interest, while metrics like holder growth, stable volumes, and exchange flows will determine if the rally can evolve into a stronger, long-term market foundation or follow a typical post-listing reversal pattern.

ambcrypto07/14 19:04

Derive [DRV] gains 40% on Upbit news – THIS zone marks next major hurdle

ambcrypto07/14 19:04

Bitcoin price recovers – But ONE hurdle keeps BTC bulls on edge

Bitcoin is showing signs of demand recovery after weeks of selling pressure, with the 30-day cumulative demand rebounding sharply. However, the recovery is uneven: futures market demand has recovered to neutral levels, while spot market demand remains weak, indicating long-term investors are still hesitant. This divergence suggests traders are positioning for price increases before significant capital enters the spot market. Downside fears in the options market have eased compared to previous sell-offs, indicating expectations are shifting from a sharp capitulation to a slower bottoming process. Despite this calmer sentiment, the recovery faces headwinds from long-term holders distributing coins and taking profits. Data shows supply is rotating from experienced holders to newer participants, and until this selling pressure subsides and spot accumulation strengthens, Bitcoin's recovery is likely to remain gradual rather than accelerating into a sustained bullish trend.

ambcrypto07/10 02:02

Bitcoin price recovers – But ONE hurdle keeps BTC bulls on edge

ambcrypto07/10 02:02

Glassnode: Crypto Market in 'Late Bear Market Bottoming Phase', Three Core Signals Absent, Bitcoin Reversal Still Requires Time

According to a Glassnode analysis, the cryptocurrency market is currently in the late stages of a bear market bottom formation. Bitcoin's price has remained below key realized price and short-term holder cost benchmarks for five months, indicating deep undervaluation. A major source of sell-side pressure is from long-term holders realizing losses, with their daily loss-taking recently peaking at $280 million, the highest level since December 2022. While spot Bitcoin ETF outflows have moderated, they remain in a state of monthly net negative flows, and trading volumes are approximately 80% below their 2025 peak, signaling a lack of robust institutional demand. In derivatives markets, positioning has shifted to a cautiously bullish stance. However, options volatility surfaces still price in downside risk, and the spot price sits below the "Max Pain" strike level. The report concludes that the necessary conditions for a market bottom are in place, but a confirmed reversal requires three core signals: a sustained decline in long-term holder loss realization, a stabilization in ETF fund flows, and a sustained price recovery above the Realized Price. Until these signals emerge, a full transition to a bull market is unlikely to occur imminently.

marsbit07/10 00:05

Glassnode: Crypto Market in 'Late Bear Market Bottoming Phase', Three Core Signals Absent, Bitcoin Reversal Still Requires Time

marsbit07/10 00:05

Glassnode: Cryptocurrency Market Entering Late-Stage Consolidation Phase

Bitcoin has now been trading below the realized price and short-term holder cost basis for nearly five months, indicating a prolonged period of undervaluation. The market exhibits late-stage accumulation characteristics. Long-term holders (LTHs) are the primary source of sell-side pressure, with their realized losses reaching a daily peak of $280 million, the highest since December 2022, and accounting for 43% of total on-chain realized losses. A sustained decline in this LTH selling is a crucial prerequisite for a meaningful reversal. Spot ETF flows, while moderating from June peaks, remain in a state of monthly net outflows. Daily trading volumes have collapsed roughly 80% from the October 2025 highs, reflecting weak institutional demand and lack of confidence. Derivatives markets show a cautious tilt towards bullishness, with the put/call ratio hitting a 2026 low and funding rates neutral. However, the options volatility skew remains in "put premium," indicating persistent demand for downside protection, even as the absolute cost of that protection has declined. The spot price currently trades approximately 6% below the $66,000 max pain level. In summary, key conditions for a market bottom are in place, including sustained undervaluation and significant LTH capitulation. However, definitive signals for a transition to a bull market—namely, a sustained drop in LTH realized losses, stabilization of ETF fund flows, and price reclaiming key on-chain cost bases—are not yet confirmed. The market is in the late stages of basing, awaiting these catalysts for a sustained recovery.

marsbit07/09 05:07

Glassnode: Cryptocurrency Market Entering Late-Stage Consolidation Phase

marsbit07/09 05:07

Glassnode: Crypto Market Enters Later Stages of Bottoming Phase

Glassnode: Crypto Market Enters Later Stages of Bottom Formation Bitcoin has traded below the true market average and the short-term holder cost basis for five consecutive months, indicating a deep undervaluation. On-chain data reveals a significant shift in selling pressure, with long-term holders now accounting for 43% of all realized losses. Daily realized losses for this group recently peaked at $280 million, the highest level since December 2022. While this large-scale capitulation is a hallmark of bear market bottoms, a sustained decline in this metric is a prerequisite for a sustained recovery. Institutional demand remains weak. US spot Bitcoin ETFs continue to see monthly net outflows, although the pace has moderated from June's peak. Furthermore, average daily ETF trading volumes have contracted by approximately 80% from their October 2025 peak, reflecting subdued institutional participation. Derivatives markets present a mixed picture. Overall positioning has shifted to cautiously bullish, with the put/call ratio dropping to a yearly low. However, the options volatility skew remains elevated, signaling that traders are still paying a premium for downside protection. The spot price also trades below the gamma "max pain" level. In summary, multiple indicators suggest the market is in the later phases of a bottoming process, characterized by long-term holder capitulation and weak institutional inflows. However, key confirmation signals for a durable trend reversal—a sustained drop in long-term holder selling pressure, stabilization of ETF flows, and a price recovery above key cost bases—are still pending.

Foresight News07/09 02:41

Glassnode: Crypto Market Enters Later Stages of Bottoming Phase

Foresight News07/09 02:41

Bottom Building in Progress

Bitcoin's market presents a mixed but evolving picture as it potentially grinds toward a cyclical bottom. Macro conditions remain conflicted, with high liquidity countered by quantitative tightening and real yields. On-chain analysis reveals Bitcoin has traded in deep value territory for five months, a historically prolonged discount phase conducive for accumulation. However, long-term holder capitulation is now the dominant downward pressure, with daily realized losses hitting levels unseen since late 2022 and showing no signs of cooling yet. Off-chain, institutional ETF demand remains weak, with persistent monthly outflows and trading volumes still ~80% below the previous bull market peak. While outflows have eased from their June peak, a reversal to net inflows is not yet evident. Derivatives markets show a cautiously long tilt in positioning, with the put/call ratio at a 2026 low. Yet, options pricing still reflects elevated demand for downside protection, even as the absolute cost of that hedging has declined recently. In conclusion, the makings of a bottoming process are visible across on-chain, off-chain, and derivatives data, but key confirmation signals are missing. The market requires a sustained cooldown in long-term holder selling, stabilization in ETF flows, and a price reclaim above key cost basis levels before a definitive regime shift can be confirmed.

insights.glassnode07/08 20:06