📉 BTC and ETH options expire, market risks intensify
Today, the market ushered in the expiration and delivery of BTC and ETH options worth $2.4 billion, which aroused the attention of investors and the market's anxiety. According to statistics, 23,000 BTC options are about to expire, and 330,000 ETH options are also facing the pressure of expiration and delivery. The Put Call Ratio shows that the ratio of put options to call options in the market is 0.49 and 0.36 respectively, and the market contradiction is obvious. The biggest pain point of BTC options is $61,000, with a nominal value of $1.4 billion; while the biggest pain point of ETH options is $3,000, with a nominal value of $1 billion.
Adam, a macro researcher at GreeksLive, pointed out that the crypto market continued to fall this week, BTC broke through the $60,000 integer mark, setting a new low since March, and the market showed obvious weakness. Although the listing of Hong Kong ETFs failed to bring much incremental growth, and the US stock BTC ETF continued to outflow, the weakness of the market led to a weakening of investor confidence. In addition, the implied volatility (IV) of major maturities also continued to decline. The current IV level is close to the average level of the winter bull market, which has a certain support effect, and the current cost-effectiveness of buying is high.
