Bitcoin’s dominance at a two-year high

After a surge of activity in the crypto markets, which was caused by applications from a number of companies for spot bitcoin ETFs, the fervor has waned.

Over the past week from June 23 to June 30, the price of bitcoin has remained virtually unchanged. All in all, all seven days were spent in a narrow range between $ 29,800 and $ 31,400. Price changes after the end of the day’s trading sessions did not exceed 3%.

Popular analyst Tom Dunleavy attributes the lull to the fact that on June 30, options on the world’s largest cryptocurrency expired worth about $ 5 billion. Overall, the situation looks quite promising, as the ratio of put and call options is 0.56. The question now is how the derivatives will be implemented and what it will result in. The price reaction will depend on whether investors prefer to invest in call or put options. In the first case, investors will have to buy BTC to hedge their risks. In the second, the situation will be exactly the opposite.

Despite the fact that bitcoin has barely grown over the week, its dominance index has shown a new high over the past seven days since April 2021. Currently, it exceeds 51.5%. The change for the week was 0.51%.

The Fear and Greed Index has dropped by nine points in seven days. It now stands at 56. Despite the decline, the index remains in the greed zone.