expiration

According to data from Greeks.live, the nominal value of a total of $7.48 billion in BTC and ETH options is set to expire, with the maximum pain points being $75,000 and $2,200, respectively. Among them, 84,000 BTC options are expiring, with a Put Call Ratio of 0.88 and a maximum pain point of $75,000, representing a nominal value of $6.2 billion; 639,000 ETH options are expiring, with a Put Call Ratio of 0.81 and a maximum pain point of $2,200, representing a nominal value of $1.28 billion.From the main options data, the PCR for BTC/ETH is 0.88 and 0.81, respectively, which is not extremely bearish. The market has not previously made large-scale bets on a one-sided crash; it appears more neutral with a slight defensive stance, and the Skew volatility is not significant, reflecting more of the realization of previously accumulated positions.

According to market news, options delivery data shows: 23,000 BTC options expired, with a Put Call Ratio of 1.13, a maximum pain point of $76,000, and a nominal value of $1.74 billion; 175,000 ETH options expired, with a Put Call Ratio of 0.94, a maximum pain point of $2,325, and a nominal value of $400 million.This week, market fluctuations were small, and market sentiment gradually became calmer. The short-term RV significantly decreased, combined with monthly deliveries releasing nearly a quarter of the position margin, leading to a noticeable decline in the implied volatility of major term options this week. Bitcoin's main term IV fell below 40%, while ETH's main term IV decreased even more, with short-term IV dropping below 50% and medium to long-term falling below 60%. From the main options data, the Skew remained relatively stable, and the market's directional sentiment maintained a slight bearish bias. This week, only 6% of options expired, with about 25% of positions at the end of May and about 30% at the end of June. Block trades were relatively inactive, all of which are signs of consolidation.

Greeks.live macro researcher Adam posted on platform X to announce options expiration data: 1. 109,000 BTC options expired, Put Call Ratio was 0.93, maximum pain point at $72,000, notional value of $8.55 billion. 2. 563,000 ETH options expired, Put Call Ratio was 0.72, maximum pain point at $2,200, notional value of $1.32 billion.This week the market continued to rebound, with Bitcoin strongly breaking through $78,000. The Web3 conference in Hong Kong was also filled with a joyful atmosphere of rising prices, and altcoin markets are warming up. This is a monthly expiration, with 25% of options set to expire. In terms of holding period, the distribution of open contracts in the options market shows 12% at the end of May and 24% at the end of June. From the main options data, Bitcoin's main term implied volatility (IV) has continued to decline this month, with most term IVs dropping by 1% to 2%, falling below 40%, while ETH's main term IV has decreased even more, currently around 60%.Despite the price increase, the Skew has retreated, and the market does not exhibit FOMO sentiment. In the second quarter of this year, Bitcoin performed significantly better than in the first quarter in terms of both price and popularity. This month's continued rebound is a sign of capital inflow; if macro pressures bottom out by mid-year, then Bitcoin's bottom will also be confirmed.

According to CoinDesk, before the expiration of Deribit Bitcoin quarterly options, the $20,000 put options have become the third most popular strike price, with a nominal value of approximately $596 million, reflecting traders' positioning for extreme downside scenarios amid geopolitical tensions in the Middle East.In terms of open interest distribution, the three main strike prices are: $125,000 call options ($740 million), $75,000 ($687 million), and $20,000 put options ($596 million), showing a wide distribution of expectations for both upward and downward movements. The total nominal value of this Deribit Bitcoin options expiration is $13.5 billion, with a total open interest of 195,719 BTC, including 120,236 BTC in call contracts and 75,482 BTC in put contracts.With the current BTC price below $70,000, the $20,000 strike price is considered deeply out-of-the-money, only profitable if the market drops more than 70% from the current price. A significant amount of such activity is likely traders collecting premiums by selling these deeply out-of-the-money put options, reflecting a low probability expectation of a drop to $20,000, rather than directly hedging against crash risks— in other words, this is more of a yield enhancement or volatility strategy rather than a direct bearish bet.Overall sentiment indicates that despite the market being in extreme fear, the put/call ratio in the options market remains at 0.63, meaning there are more call options than put options, and the overall sentiment is still slightly bullish. The maximum pain point is at $75,000, which may create a magnetic effect on Bitcoin prices before expiration.

According to data released by Deribit officials, next Friday will see the expiration date of BTC quarterly options, while the largest options position in the current market will also expire. The maximum pain point for BTC is $75,000, with the current price at $75,000; the maximum pain point for ETH is $2,350, with the current price at $2,350.

Data analyst Murphy stated that approximately $23.6 billion worth of Bitcoin options will expire tomorrow, marking the largest options expiration day in Bitcoin's history. After market makers offload their related hedging positions, the support and resistance formed by the options structure will temporarily become ineffective, potentially amplifying BTC's volatility in the short term until all participants re-establish their bets and the market generates a new capital structure.If BTC retraces near the previous bottom (around $80,000 - $82,000) during this period, it will present an opportunity to bet on a "short-term rebound." The volatility that occurs during the capital structure vacuum period may not necessarily indicate the beginning of a new round of sharp declines. Moreover, there are currently signals of "bullish divergence" appearing on a smaller scale in the "price and capital increment gradient." The "price and capital increment gradient" measures the relative momentum change between BTC's price momentum and real capital inflow. When the speed of capital outflow changes less compared to the speed of BTC's price decline, it can be interpreted as a correction to the downward trend, indicating a demand for a rebound.In the periods of 2024-2025 and 2021-2022, after the occurrence of four "bullish divergence" signals, BTC experienced rebounds of varying degrees, even trend reversals. However, considering the current overall market sentiment is still in a bearish recovery phase, the probability of the former is greater.

Cryptanalysis expert Michaël van de Poppe posted on the X platform that Bitcoin has been hovering between $85,000 and $90,000 for several weeks, and now it's a waiting game, with capital only likely to flow back into the cryptocurrency market after U.S. stocks reach local highs.Market analysis suggests that historically, Bitcoin tends to experience fluctuations of 5% to 7% during the Christmas period, a pattern usually related to year-end options expirations rather than new fundamental catalysts. Data shows that approximately 300,000 Bitcoin options contracts (worth $23.7 billion) and 446,000 IBIT options contracts are set to expire this Friday.

This Friday, approximately $23.6 billion worth of Bitcoin options will expire, marking the largest options expiration day in Bitcoin's history. Analysis indicates that the scale of this expiration is enormous and overall leans bullish. The maximum pain point (the price level at which option buyers experience the largest losses and sellers gain the most) is $96,000, which will reinforce the upward price trend.

According to The Block, thin market liquidity during the Christmas holiday, soaring precious metal prices draining liquidity, and the upcoming record options expiration have all contributed to Bitcoin remaining below $90,000 today. Analysts warn that the record options expiration this Friday will amplify volatility.Approximately 300,000 BTC options contracts (with a notional value of about $23.7 billion) are set to expire on Friday, accounting for more than half of the total open contracts for Bitcoin on Deribit. Deribit’s Chief Business Officer Jean-David Pequignot stated that this options expiration is "record-breaking," with a total of $28.5 billion in BTC and ETH options expiring, double that of last year.

Glassnode stated, "Bitcoin is about to face the largest options expiration in history, with a notional value of approximately $23.58 billion in Bitcoin options expiring on December 26, while the spot price remains within a recent range.Over the past month, options trading activity has cooled down. The flow of funds has significantly decreased, which typically indicates a weakening confidence in the bullish outlook, while demand for protective put options remains. The implied volatility curve has declined across the board, suggesting a reduction in recent hedging and upside leverage demand. The market is digesting a more controlled price movement.Currently, the at-the-money implied volatility across various maturities is around 44%, down more than 10 volatility points from recent highs. The skew on the 25th (implied volatility of put options minus implied volatility of call options) remains positive, indicating that the pricing of put options is still higher than that of call options.This means that the downside risk has been fully reflected in the price, and it does not appear to show the skewed pattern typically seen before a breakout. Arbitrage trading continues to dominate, and the flow of

ChainCatcher news reports that according to 4E observations, after Oracle (ORCL) released positive news on Thursday, the price of Bitcoin surged to $114,000, reaching a two-week high. The market anticipates that the $4.3 billion BTC options expiring on Friday could serve as an important catalyst for further price increases. In this option cycle, the value of put contracts is $2.35 billion, while the value of call contracts is $1.93 billion. However, as BTC has rebounded from its early September low, bullish positions are gradually gaining the upper hand. Some analysts expect that if the trend continues, BTC could challenge the $120,000 mark.On the U.S. regulatory front, Senate Democrats recently released a framework for the "Crypto Market Structure Act," which has elicited optimistic responses from the industry and Republican leaders. This framework emphasizes token jurisdiction, trading platform regulation, and the allocation of enforcement resources, indicating an expansion of bipartisan cooperation. Senator Lummis stated that this is a positive step in the bipartisan effort for crypto legislation.Asset management giant BlackRock plans to launch a Bitcoin ETF in the UK next month, continuing its global expansion. A recent report from JPMorgan also pointed out that institutional adoption is still in its early stages but is gaining momentum, with CME crypto derivatives positions reaching an all-time high.The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, reminded that currently only "recognized providers" can issue regulated stablecoins, and investors purchasing unlicensed stablecoins must bear the risks themselves.4E advises investors: The expiration of derivatives and policy expectations may amplify short-term volatility, and investors should pay attention to macro and regulatory signals while cautiously managing their positions.

ChainCatcher news, Deribit has released an options expiration reminder, with over $4.5 billion in crypto options expiring tomorrow.The notional value of BTC options is $3.28 billion, with a put/call ratio of 1.38 and a maximum pain point of $112,000; Bitcoin OI tends to favor put options, with concentrated strike prices around $105,000 to $110,000. The notional value of ETH options is $1.27 billion, with a put/call ratio of 0.78 and a maximum pain point of $4,400; Ethereum flow is tending to be more balanced, but call options are mostly accumulated above $4,500.

According to ChainCatcher news and data from Greeks.live, 21,000 BTC options will expire today, with a Put Call Ratio of 0.67, a maximum pain point of $98,000, and a notional value of $2.08 billion.In addition, 176,000 ETH options will expire today, with a Put Call Ratio of 0.64, a maximum pain point of $2,725, and a notional value of $470 million.

ChainCatcher news, Lin Chen, Head of APAC Business at Deribit, posted on X that the largest BTC block options trade today was: a user sold 95,000 call options expiring at the end of the year, totaling 150 BTC, with a revenue of 1.037 million USD. Profit is realized if the delivery price is less than 102,000, with a coin-based yield of 7.05% (annualized approximately 83%).

ChainCatcher news, according to Deribit data, a total notional value of approximately 3.96 billion USD in BTC options and ETH options will expire tomorrow. Among them, the notional value of the upcoming BTC options reaches 3.39 billion USD, with a Put Call Ratio of 0.83 and a maximum pain point of 79,000 USD; the notional value of the upcoming ETH options reaches 572 million USD, with a Put Call Ratio of 0.93 and a maximum pain point of 3,000 USD.

ChainCatcher news, according to The Block, Deribit CEO Luuk Strijers stated: "As the U.S. elections approach, we are observing heightened market expectations, with approximately $3 billion in options open interest set to expire on November 8, including Bitcoin call options with strike prices of $70,000, $75,000, and $80,000, indicating relatively strong bullish sentiment."

ChainCatcher news, according to Greeks.live macro researcher Adam's post on the X platform, last week the BTC end-of-month options IV was generally around 50%, and it has now risen to about 65%, with ETH showing the same phenomenon. Meanwhile, as the Federal Reserve has one week left to announce its interest rate decision, this week's IV should have support.Tomorrow is a trading day worth paying attention to, as at 9:00 AM Trump and Harris will hold a news debate, and at 8:30 PM the US August CPI will be announced, with multiple important events driving up the end-of-month options IV.

ChainCatcher news, according to DL News, the DeFi protocol Pendle has seen nearly $3 billion in withdrawals since last Wednesday due to multiple market expirations, with total deposits dropping to $3.7 billion and total value locked (TVL) decreasing by 40% over the past week.Kairos Research founder Ian Unsworth stated that these outflows are primarily due to the expiration of certain products. The eETH from Ether.Fi, ezETH from Renzo, pufETH from Puffer, rsETH from Kelp, and rswETH from Swell in the Pendle market expired on June 27, leading to significant capital outflows. The outflows from Pendle have also affected the related protocol Zircuit, with deposit values decreasing by 15% within a week.