Greeks.live researcher Adam said on X that 30,500 BTC options are set to expire today, with a put-call ratio of 1.07, a max pain point at $82,000, and a notional value of $2.63 billion. He also said 116,000 ETH options are expiring, carrying a put-call ratio of 1.17, a max pain point of $2,660, and a notional value of $320 million.
Adam described the session as the first weekly expiry after quarterly settlement. According to his post, BTC rebounded noticeably on the expiry day, while block trades in call options stayed active. Bitcoin has also been trading around $85,000 for more than a week.
He added that implied volatility across major tenors fell from last week but recovered from levels seen two weeks ago, and remains near the low end of the current bull cycle. Monthly realized volatility showed a similar pattern, while volatility risk premia across key tenors declined. Adam also said GEX peaks are concentrated at $90,000 and above, with downside GEX becoming more dispersed. In his view, the crypto market is now in a sideways consolidation phase after more than a month of a smaller bull run following a 10-month bear market, and sentiment has improved.
ChainCatcher reported that Greeks.live researcher Adam said in a post on X that 30,500 BTC options expire today, with a put-call ratio of 1.07, a max pain point of $82,000, and a notional value of $2.63 billion.
He also said 116,000 ETH options are expiring, with a put-call ratio of 1.17, a max pain point of $2,660, and a notional value of $320 million.
BTC rebounds on the first weekly expiry after quarterly settlement
Adam said this marks the first weekly expiry day after quarterly settlement. BTC rebounded clearly on the expiry day, and block trades in call options were active. Bitcoin has been trading around $85,000 for more than a week.
Volatility stays near the low end of the current bull cycle
According to Adam, implied volatility across major tenors fell from last week but rose from two weeks ago, and is now near the low since the start of the current bull market. Monthly realized volatility followed a similar pattern, while volatility risk premia across the main tenors also declined.
He added that the GEX peak sits at $90,000 and above, while downside GEX has become dispersed again. Adam said the crypto market, after a 10-month bear market, has already seen a smaller bull run lasting more than a month in this cycle and is now in a sideways consolidation phase, with sentiment improving.
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