Ethereum
Billions of dollars worth of BTC and ETH options about to expire — TradingView News
According to data provided by Greeks.live, 23,000 BTC options are about to expire with a put-call ratio of 0.49. Their notional value is $1.4 billion.
The “maximum pain” point for Bitcoin options is estimated at around $61,000. This means that this specific strike price has the highest number of puts and calls. Simply put, market participants on both sides would face the largest losses at the aforementioned price level.
“Maximum pain” suggests that the price of an option tends to approach the price of the most open options contracts. In such a case, the maximum number of puts and calls expire worthless. It should be noted that only a small number of options (around 10%) tend to be exercised.
Additionally, 330,000 ETH options are set to expire with a put-call ratio of 0.36. The “maximum pain” point currently stands at $3,000 with a notional value of $1 billion.
As noted by Greeks.live, the market has turned bearish due to massive outflows from Bitcoin exchange-traded funds. Newly launched Hong Kong-based ETFs failed to offset these massive outflows. As a result of these factors, the implied volatility (IV) of all major terms has continued to decline. In fact, Level IV is now on par with the winter bull market.
According to CoinGlass, total interest in Bitcoin options stands at $17.6 billion, with Deribit accounting for the vast majority of the sum. As for Ethereum, the total amount of options interest amounts to $7.6 billion.
Bitcoin and Ethereum are currently trading at $59,199 and $2,969, respectively, according to CoinGecko.