PANews reported on July 12 that Greeks.live macro researcher Adam posted on the X platform that 24,000 BTC options are about to expire, with a Put Call Ratio of 1.08, a maximum pain point of $58,500, and a nominal value of $1.4 billion. 157,000 ETH options are about to expire, with a Put Call Ratio of 0.37, a maximum pain point of $3,100, and a nominal value of $490 million.

According to Adam's analysis, the crypto market rebounded slightly this week, and the implied volatility (IV) of major maturities fell sharply to a new low since March. Quarterly delivery and large market fluctuations created a good opportunity for option sellers to enter the market, pushing IV down. However, the market atmosphere is still not optimistic, and the news of ETH ETF has been postponed. Even if it is listed as scheduled, the mainstream view is that the inflow of funds will not be fast. The US stock market is also relatively weak, and the entire risk asset market hopes to boost it with a rate cut in September.