According to data from market analyst CryptoQuant, the Bitcoin Miner Position Index (MPI) has declined significantly since the 6th. This suggests that bitcoin miners do not sell the recently mined bitcoins to the market and are holding them in anticipation of a price increase.
Source: Cryptoquant
Next, on that day, the largest bitcoin option contract ever reached $6 billion in the derivatives market.
In this regard, Ryu Ryu, an analyst team at OKX, a cryptocurrency exchange, said that the expiration of major options is often accompanied by an increase in spot volatility and will continue to be the same in the future.
He predicted that whenever a large maturity arrives, the market will be able to move freely again in the short term, and given that the current price range is wider than before, it is more likely to rise rather than decline after maturity.
Along with this, the fact that Bitcoin has historically risen in April so far is also raising market expectations.
Source: Bybt.com
According to data from Bybt.com, Bitcoin has been maintaining the best monthly rate of return in the year, with a sharp increase in price every April for the last five consecutive years, including 34.3% in April last year and 34.4% in 2019.
Based on the coin market cap data, Bitcoin traded at $53,900, a 4% increase before the closing of the New York Market, continuing the upward trend after the expiration of the option on this day.