KEYTAKEAWAYS
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Over $7.2B in BTC options expiring Friday; max pain at $85K suggests bullish sentiment and pressure on put holders.
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$TRUMP coin jumped 50% after Trump dinner event announcement; limited supply and hype drove volume past $270M.
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Merlin Chain joined WBTC DAO, aiming to boost BTC cross-chain liquidity and long-term BTCFi development through Layer 2 tech.
CONTENT
$7.2 BILLION IN BTC OPTIONS TO EXPIRE TOMORROW
On April 24, data from Deribit shows that over $8 billion worth of crypto options will expire this Friday. Key details:
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Bitcoin (BTC) options have a notional value of $7.2 billion, with a max pain point at $85,000. The put/call ratio is 0.73.
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Ethereum (ETH) options are worth $801 million, with a max pain point at $1,900. The put/call ratio is also 0.73.
Analysis:
The max pain point is the price where most options buyers lose the most. Bitcoin’s current price is higher than $85,000, showing a bullish sentiment. This puts pressure on put holders (those betting the price will drop).
TRUMP MEME COIN SOARS 50%, MARKET CAP HITS $2.6 BILLION
On April 24, the TRUMP meme coin surged nearly 50%, reaching $16.17 with a market cap of $2.6 billion. The jump followed news that the top 220 holders will be invited to a golf dinner with Donald Trump on May 22.
The top 25 holders will also receive private reception and White House tour access. This triggered a wave of trading, with daily volume surpassing $270 million.
The total supply of TRUMP is 1 billion tokens, but only 20% are in circulation. The rest are locked, which has raised concerns over fairness and potential misuse of influence.
Analysis:
The 50% price surge on April 24 was driven by FOMO around the exclusive dinner event. While more short-term traders may be attracted, risks like token concentration, ethics concerns, and unlock pressure make its future uncertain. Price has already pulled back.
MERLIN CHAIN JOINS WBTC DAO
On April 24, Bitcoin Layer 2 project Merlin Chain officially joined the WBTC DAO, the governing group of the Wrapped Bitcoin (WBTC) protocol. Merlin founder Jeff Yin will join 10 other core members, including BitGo, to help lead technical upgrades and global expansion.
Jeff Yin said, “BTCFi is a long-term vision. From launching Bitcoin staking last year to joining the WBTC DAO now, it’s just the beginning. We’ll continue working on cross-chain liquidity, better trading experience, compliance, and new BTC yield opportunities.”
Analysis:
Merlin joining WBTC DAO is a major step for the BTCFi space. It shows a strong link between Bitcoin Layer 2 and cross-chain liquidity.
Compared to the speculative hype around $TRUMP, Merlin Chain’s move is based more on tech and long-term strategy, using ZK-Rollups and WBTC integration to expand Bitcoin’s multi-chain use cases.
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