The cryptocurrency market has been relatively quiet lately, with fewer hot spots and a general sense of calm. This tranquility was reflected in the expiration of 20,000 Bitcoin options and 200,000 Ethereum options today, June 14. The options had a significant impact on the market, with a notional value of $1.35 billion for Bitcoin and $710 million for Ethereum.

Bitcoin is currently trading near $67,000, while Ethereum is priced above $3,500. Despite recent price corrections, Bitcoin has been surrounded by optimistic predictions, with some analysts suggesting that a significant consolidation period could trigger price rallies soon. This is reminiscent of the 2020 Bitcoin halving, where a 21-day consolidation period preceded a price breakout and eventually led to an all-time high of $69,000 in November 2021.

Ethereum, on the other hand, is waiting for the approval of its ETF, which is expected by the end of the month. This could be a good time to lay out next month's call options in advance. The overall crypto market is relatively quiet, with both Bitcoin and Ethereum's short-term IV (implied volatility) falling below 50% and 60%, respectively. This makes it a more cost-effective time for buyers to enter the market.

The recent economic data has been favorable to the market, with the CPI report showing eased inflation and the Fed leaving interest rates unchanged. The US stock market has risen significantly, but the crypto market has underperformed, with mainstream coins and altcoins both falling in price. Despite this, the market remains optimistic, and it will be interesting to see how the upcoming ETF approval and other market developments shape the future of cryptocurrencies.