According to Odaily, Greeks.live macro researcher Adam has reported the expiration of 18,000 Bitcoin (BTC) options with a Put Call Ratio of 0.67 and a maximum pain point of $70,000, representing a nominal value of $1.25 billion. Additionally, 260,000 Ethereum (ETH) options have expired, with a Put Call Ratio of 0.64 and a maximum pain point of $3,650, representing a nominal value of $1 billion.
The market has shown a positive performance this week, following interest rate cuts initiated by the central banks of Canada and Europe. The cryptocurrency market is currently driven by both Bitcoin and Ethereum ETFs, with a clear differentiation between macro and news aspects, contributing to an optimistic market atmosphere.
At present, the Implied Volatility (IV) for major Bitcoin terms is around 50%, while for Ethereum, it is around 55%. Both have fallen to reasonable levels. The strategy mentioned last week of selling Ethereum to buy Bitcoin for cross-currency IV difference has become profitable.
The Bitcoin market trend this month is likely to be strongly correlated with macro news of the Federal Reserve's interest rate cuts. Meanwhile, the Ethereum trend is mainly influenced by news of ETF approvals.