According to BlockBeats, data from Greeks.live reveals that 96,000 BTC options are set to expire soon, with a Put Call Ratio of 0.68 and a pain point at $61,000, representing a nominal value of $6.2 billion. Additionally, 990,000 ETH options are also nearing their expiry date, with a Put Call Ratio of 0.51 and a pain point at $3,100, representing a nominal value of $3.1 billion.
The crypto market has seen a significant decrease in trading volume this week, with Bitcoin and Ethereum experiencing low-level fluctuations. This market weakness has led to a substantial drop in the Implied Volatility (IV) across all major terms, with the Dvol decreasing by as much as 15% since the halving. This lack of volatility post-halving has resulted in an accelerated sell-off by many options sellers.
The recent outflow of ETF funds and a generally gloomy market sentiment, as mentioned last week, indicate that 'whales' are lacking confidence in the future market. This trend appears to be continuing, with significant resistance to Bitcoin returning to its historical high.
