According to TechFlow, on October 18, Greeks.live macro researcher Adam posted on the X platform that 11,000 BTC options expired today, with a Put Call Ratio of 0.78, a maximum pain point of $64,000, and a nominal value of $1.26 billion. At the same time, 138,000 ETH options expired, with a Put Call Ratio of 0.61, a maximum pain point of $2,500, and a nominal value of $360 million.

This week, Bitcoin rebounded significantly, while Ethereum's rebound was relatively weak. The open interest of Ethereum options expiring this week is only 30% of that of Bitcoin. From the perspective of implied volatility, ETH's at-the-money option IV around January is only 4% higher than BTC, and it continues to decline.