Bitcoin and Ether options worth a combined $2.18 billion are set to expire on Aug. 21, according to data cited by Greeks.live, with positioning in the options market shifting decisively to the upside. The batch includes 24,000 BTC options with a put-call ratio of 0.84, a max pain point of $67,000 and notional value of $1.82 billion, alongside 149,000 ETH options carrying the same 0.84 put-call ratio, a $2,000 max pain level and $360 million in notional value.
Greeks.live analyst Adam said Bitcoin surged this week and moved above $76,000, breaking through two consolidation ranges seen this year. He described the session as one of the rare expiries this year in which the settlement price stands above max pain. Adam also said monthly realized volatility rose 20% to 53%, while monthly implied volatility increased only 6%, leaving VRP sharply lower. He added that 6% of options are expiring this week, open interest has rebounded but remains at a low level, and trading activity has picked up markedly. In his view, the speed of the rally and the jump in activity have left bullish GEX widely dispersed, while downside GEX is now close to negligible.
Bitcoin and Ether options with a combined notional value of $2.18 billion are due to expire today, Aug. 21, according to data cited by Greeks.live.
The expiring batch includes 24,000 BTC options, with a put-call ratio of 0.84, a max pain point of $67,000 and notional value of $1.82 billion.
Another 149,000 ETH options are also set to expire today. Their put-call ratio stands at 0.84, with max pain at $2,000 and notional value of $360 million.
Greeks.live analyst Adam said Bitcoin posted a sharp gain this week and has broken above $76,000, moving through two consolidation zones seen earlier this year. He said this is one of the few expiry sessions this year in which the settlement price is above max pain.
Adam also said monthly realized volatility, or RV, jumped 20% to 53%, while monthly implied volatility, or IV, rose only 6%. VRP has fallen sharply, he added.
Looking at other major options indicators, Adam said 6% of options are expiring this week. Open interest has rebounded, though it remains at a low level, while trading activity has risen significantly.
He said the pace of the rally and the rapid pickup in activity have left bullish GEX highly dispersed, while downside GEX is now almost negligible, putting the market in a broadly long posture.
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