$14.2 billion of BTC options and $3.75 billion of ETH options expired at 15:00 today, December 27.
BTC option value: $14.2 billion
Put/Call ratio: 0.69
Max Pain price: $85,000
ETH option value: $3.75 billion
Put/Call ratio: 0.41
Max Pain price: $3,000
You can simply understand that at the expiration time, if the price of BTC or ETH is close to the Max Pain price, the investor will suffer the biggest loss.
In this case, for example with BTC options, the Put/Call ratio is 0.69. Buying more than selling, if BTC drops to nearly $85,000 at the expiration time, those who Call Option will suffer the biggest loss.
