Cryptocurrency Markets Are Trading Lower, With $2.9 Billion in Crypto Options Expiring Tomorrow

Notable Statistics: Notable Developments: Top Losers: Trader Notes: Crypto trader IncomeSharks noted that Bitcoin and the supertrend are holding on.

Cryptocurrency markets are trading lower on Friday evening, as roughly $2.9 billion in crypto options are set to expire tomorrow.

Crypto markets today saw institutional interest in digital assets continue to heat up, with new filings revealing billions of dollars in crypto exposure. Among the highlights, BlackRock is now officially authorized to hold cryptocurrencies in its ETFs. This news comes on the heels of a recent report from the Securities and Exchange Commission (SEC) that valued crypto hedge fund assets at $4.2 billion as of March 2022.

Meanwhile, crypto traders are keeping a close eye on BTC price action, with several traders noting the importance of key support and resistance levels. Several crypto traders are also highlighting the bullish nature of BTC's monthly close and are bidding the price down early in the month to quickly turn August green.

Top crypto traders are also noting the holding power of Bitcoin and the supertrend, while also noting that any early month drop should be quickly bid up to ensure a green August. Several traders are also bidding BTC between $60,500 – $59,500 with a stop-loss below $58,700.

Crypto Scient is also noting that BTC's monthly close is bullish. Among the trader's notes, "early month drop should be quickly bid up to see a green August. I'm bidding BTC between $60,500 – $59,500 to quickly turn August green with a stop-loss below $58,700."

Another crypto trader is noting that if the price is holding above $60,000, dips are for buying. Among the trader's notes, "short-term pullback in BTC resembles the last instance when the ribbons turned green. The price quickly pumped to the upper Bollinger Band, and the MA briefly crossed above the Ichimoku cloud."

Another crypto trader is noting that if the price is holding above $60,000, dips are for buying. Among the trader's notes, "short-term pullback in BTC resembles the last instance when the ribbons turned green."

CryptoCon is also noting that BTC is down marginally, but people should focus on the ‘end game…it’s nothing to worry about’. Among the trader's notes, "Hold hope, March 2024 triggered the final weekly bearish KST cross before the cycle top run."

Crypto chart analyst Ali Martinez, in his latest post, analyzed the $2.50 billion in leveraged long positions that got liquidated as BTC dipped below $63,000.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Insiders are discussing the recent developments in crypto institutional adoption and upcoming events that will shape the future of digital assets. Join Benzinga at the Future of Digital Assets on Nov. 19 to hear from the leading minds in crypto, Web3, and institutional finance.

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