Bitcoin to dump while Ethereum pumps? A look at Options data reveals…

Both Bitcoin [BTC] and Ethereum [ETH] led the crypto recovery that started last week. However, their returns fell this week. At the time of writing, BTC’s price was trading above $79,000 while ETH’s was valued at around $2,500.

Now, while the broader outlook may be bullish, it is interesting to note that institutions are betting on a BTC dump and ETH pump simultaneously. Hence, the question: Is this bet a signal that altcoins could outperform Bitcoin, particularly Ethereum?

A look into expiring Bitcoin options—bulls in full control!

According to Deribit, more than 81,700 BTC worth $6.40 billion in Bitcoin Options expire on Friday, 28th August, at 4.00 AM ET. These include $236 million in Call Options at $75K, $157 million in calls at $80K, and a max pain level of $68K.

Much of this position, accounting for more than $2.70 billion in all Call Options, was placed before BTC’s move. This data indicated that bulls were in full control of BTC’s price while bears were completely under water.

Still, the Term Structure also suggested calm near-term conditions but more uncertainty or big events further in the future. The explanation being that at press time, this metric was rising for BTC with a reading of 42.66.