Greeks.live: The market is still digesting the impact of Trump Trade over the past three months, and the volume of call options trading has dropped significantly this week

Odaily News Greeks.live macro researcher Adam YuX released the "February 7th Option Delivery Data": 26,000 BTC options expired, the Put Call Ratio was 0.58, the maximum pain point was US$99,500, and the nominal value was US$2.54 billion.
203,000 ETH options expired, with a Put Call Ratio of 0.46, a maximum pain point of $2,950, and a notional value of $560 million.
The market was weak this week, and ETH's biggest pain point fell below $3,000 again. The intraday price once fell to $2,100, a new low since 2024. BTC effectively fell below the $100,000 mark. Since the market broke through $95,000 in late November, it has been fluctuating widely around this price.
The market is still digesting the impact of the Trump Trade over the past three months. This week, delivery volume accounted for 10% of total positions. The trading volume of call options has declined significantly, while the proportion of large put transactions is increasing.
The U.S. unemployment rate and non-farm data for January will be released tonight. The impact of macro events on the U.S. stock market is worthy of attention. The overall risks of major speculative markets are now highly correlated.