Roughly $2.16 billion in Bitcoin and Ethereum options are due to expire on Oct. 9, according to data released by Greeks.live. The expiry includes about 22,000 BTC options with a put/call ratio of 1.12, a max pain point of $84,000, and notional value of about $1.84 billion. On the Ethereum side, around 123,000 ETH options are set to expire, carrying a put/call ratio of 0.71, a max pain point of $2,650, and notional value of about $320 million.
Greeks.live said the upcoming expiry accounts for about 6% of Bitcoin options open interest and 9% of Ethereum options open interest. The firm added that the market spent most of this week in a corrective phase, with BTC still waiting for a directional break. Implied volatility remains at low levels, which points to muted expectations for future price swings and a cautious stance from buyers unwilling to pay higher premiums for directional bets.
The firm also noted that GEX positioning is concentrated around the round-number levels of $90,000, $95,000, and $100,000, while positioning near $80,000 and $85,000 is relatively light heading into expiry. After more than a month of rebound in the crypto market, Greeks.live said sentiment has improved and spot exposure may still be worth keeping, while low IV in monthly out-of-the-money options leaves room for protective bearish positioning.
About $2.16 billion in Bitcoin and Ethereum options are set to expire on Oct. 9, according to Greeks.live.
The data shows that roughly 22,000 BTC options will expire, with a put/call ratio of 1.12, a max pain point of $84,000, and notional value of about $1.84 billion.
At the same time, around 123,000 ETH options are due to expire, with a put/call ratio of 0.71, a max pain point of $2,650, and notional value of about $320 million.
Expiry share of open interest
Greeks.live said this round of expiry will account for about 6% of BTC options open interest and 9% of ETH options open interest.
The firm said the market spent most of this week in a corrective phase, and BTC still needs to wait for a directional move. Implied volatility, or IV, remains low, suggesting that the market expects limited future price swings. Greeks.live also said buyers have stayed cautious and have been unwilling to pay higher premiums for directional bets.
GEX positioning around round-number levels
From the GEX structure, Greeks.live said there is clear concentration around the round-number levels of $90,000, $95,000, and $100,000. By contrast, positioning near $80,000 and $85,000, which are closer to current expiry pricing, is relatively limited.
Greeks.live added that after more than a month of rebound in the crypto market, market sentiment has improved noticeably, and spot positions may still be worth holding. With IV on current monthly out-of-the-money options still not high, investors may also consider directional put options for protection.
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