• Bitcoin whale moves 15,945 BTC worth over $1 billion in a single transaction to crypto exchange Binance
• Miner capitulation bites the Bitcoin bullish momentum as daily revenue fell after Bitcoin halving
• Bitcoin options expiry has max pain at $55K and implied volatility (IV) falling across all terms, indicating forecasts of BTC price tumbling below $65,000
The Bitcoin market has witnessed significant whale activity and volatility ahead of a major options expiry this month. Large Bitcoin holders appear to be dumping holdings, while options traders bet on further downside. This confluence of factors could continue to put pressure on Bitcoin price.
Whale Dumps 1 Billion in BTC
A whale recently moved 15,945 BTC worth over $1 billion to crypto exchange Binance in a single transaction. This massive sell order comes as concerns mount over miner capitulations and large BTC dumps from whales and institutions. The huge amount of BTC flooding exchanges can weigh heavily on Bitcoin price.
BTC Options Traders Target $55K
The June 28 BTC options expiry of around $6.55 billion notional value has a max pain point of $55,000. The put-call ratio of 0.49 indicates increased bearish sentiment. Traders are betting the pressure from miner capitulations and whale dumping will push Bitcoin below $55k.
Moreover, IV has declined across all major terms, signaling that the probability of a drop below $65k is high. With the macro environment still uncertain, BTC could revisit $60k.
Bitcoin Price Outlook
Bitcoin is down 1% in the last 24 hours, trading at $66,955 as of writing. The recent price action has been bearish overall, with BTC falling 6% over the past week.
With trading volumes also declining by more than 30% in the past day, interest in Bitcoin appears to be diminishing ahead of the options expiry. If the bearish momentum continues, BTC looks poised to break below the crucial psychological level of $60k.
Conclusion
In summary, the direction of Bitcoin price heading into the June options expiry appears to be skewed to the downside. Bearish factors like miner capitulations, heavy whale dumping on exchanges and the max pain point of $55k on options markets could see Bitcoin retest multi-month lows around $60k. The crypto markets remain highly volatile, and the next few weeks will be critical in determining if Bitcoin can reverse the negative momentum.
