Bitcoin (BTC) and ether (ETH), the top two cryptocurrencies by market value, have been unusually calm for over two weeks. The range play probably stems from the market running into competing narratives and influences.
There is another powerful force at work, an invisible hand of crypto options market makers, partly responsible for keeping prices rangebound, according to observers.
Market makers are entities with a contractual obligation to maintain a healthy level of liquidity on an exchange. They ensure there is enough depth in the order book by offering to buy or sell a call/put option contract at any given time.
For instance, if a trader wants to buy a BTC call option at the $40,000 strike price and there is no matching sell order, the market maker would do
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