BTC and ETH options with a combined notional value of $2.95 billion are due to expire on Oct. 2, according to a post on X by Adam from the Greeks.live research team. The batch includes 30,500 BTC options with a put-call ratio of 1.07, a max pain point of $82,000, and notional value of $2.63 billion. It also includes 116,000 ETH options with a put-call ratio of 1.17, a max pain point of $2,660, and notional value of $320 million. Adam said this marks the first weekly expiry after quarterly settlement. He added that BTC rebounded noticeably on the settlement day, while block trades in call options were active and BTC has traded around $85,000 for more than a week. He also said implied volatility across major tenors fell from last week but recovered from two weeks earlier, and remains at a low level for the current bull cycle. Monthly realized volatility showed a similar pattern, while volatility risk premiums across major tenors also declined.
BTC and ETH options with a combined notional value of $2.95 billion are set to expire on Oct. 2, according to Adam of the Greeks.live research team in a post on X.
The expiring contracts include 30,500 BTC options, with a put-call ratio of 1.07, a max pain point of $82,000, and notional value of $2.63 billion.
Another 116,000 ETH options are also due to expire. Their put-call ratio stands at 1.17, the max pain point is $2,660, and the notional value is $320 million.
First weekly expiry after quarterly settlement
Adam said this is the first weekly expiry following quarterly settlement. He noted that BTC rebounded clearly on the settlement day, block trades in call options were active, and BTC has been trading around $85,000 for more than a week.
Volatility and Gex levels
According to Adam, implied volatility across major tenors fell from last week but moved up from two weeks ago, and is now sitting near lows seen during the current bull market. Monthly realized volatility showed a similar pattern, while volatility risk premiums across major tenors also declined.
He added that the Gex peak is located at $90,000 and above, while Gex on the downside has become dispersed again.
Current market phase
Adam said the crypto market has gone through a 10-month bear market, followed by a mini bull run that has lasted for more than a month in the current cycle. He described the market as being in a sideways consolidation phase, with sentiment improving.
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