According to BlockBeats, a significant number of Bitcoin and Ethereum options are set to expire today, December 20. Data from Greekslive indicates that 21,000 Bitcoin options will reach expiration, with a put-call ratio of 0.87 and a maximum pain point of $101,000. The nominal value of these options is approximately $2.04 billion. Meanwhile, 173,000 Ethereum options are also due to expire, featuring a put-call ratio of 0.5 and a maximum pain point of $3,750, with a nominal value of $590 million.
Greekslive analyst Adam notes that Bitcoin recently attempted to surpass $110,000 but failed, leading to a market correction. This correction is seen as a clearing of aggressive leveraged long positions that emerged after Bitcoin stabilized above $100,000. Additionally, altcoins have been undergoing adjustments for nearly a month. Drawing from past bull market experiences, a significant Bitcoin correction often precedes an altcoin season. However, the current intensity of Bitcoin's pullback remains uncertain.
As the Christmas season and year-end settlements approach, there is a noticeable outflow of ETF funds, and market makers are continuously adjusting their positions. Recently, large bullish options trades have accounted for a significant portion of the market, with a daily average exceeding 30%. With over 40% of options set to expire by the end of the year, the release of substantial margins is likely to drive down implied volatility. Consequently, the cost-effectiveness of purchasing options in the coming week is expected to be very high.
