Greeks.live: Nearly $2.7 Billion Worth of BTC Options Expire, Max Pain at $92,000

Odaily News: Adam, a macro researcher at Greeks.live, released a briefing for the Chinese community, stating, "20,000 BTC options are expiring, with a Put Call Ratio of 1.39, a max pain point of $92,000, and a notional value of $2.3 billion. 120,000 ETH options are expiring, with a Put Call Ratio of 1.04, a max pain point of $3,200, and a notional value of $430 million.

This week, BTC continued its upward trend for the year, once approaching $98,000, just a step away from the $100,000 psychological level. However, the pressure around $100,000 remains significant, with substantial sell-side call option accumulation at that level. Nearly $2.7 billion worth of options are expiring, representing an increase of over 20% compared to last week.

Last week, it was mentioned that data indicated strong support around the $90,000 level for BTC and the $3,000 level for ETH, with market sentiment also improving. This week indeed saw a continuation of the bull market.

However, looking at key options data, BTC's implied volatility (IV) has slightly decreased, while skew has slightly increased, indicating a relative decline in the price of put options. Meanwhile, all Put Call Ratios are above 1.0, suggesting that selling puts is currently the dominant trading force. At the same time, massive sell-side call positions have accumulated at the $100,000 level. Institutional investors' views this month primarily revolve around consolidation between $90,000 and $100,000, with both resistance and support being very strong."