Analysis: Today is the first monthly expiration day after the annual expiration, with call options dominating the market.

Odaily reported that Greeks.live posted on X:

91,000 BTC options are expiring, with a Put Call Ratio of 0.48, a max pain point of $90,000, and a notional value of $7.6 billion.

435,000 ETH options are expiring, with a Put Call Ratio of 0.68, a max pain point of $3,000, and a notional value of $1.19 billion.

Today is the first monthly expiration day after the annual expiration, with options accounting for 25% of the total open interest expiring, totaling nearly $9 billion. Call options hold an absolute dominant position. Bitcoin and Ethereum prices have entered a sharp downtrend since yesterday, and the recent, rare easing of panic has once again enveloped the crypto market. This is still the aftershock from the significant decline in the fourth quarter of last year. Currently, BTC's key $80,000 level and ETH's $2,500 level provide strong support.

Looking at the main options data, the implied volatility (IV) for both BTC and ETH has risen significantly. The average IV for BTC's major tenors is around 45%, while for ETH's major tenors, it is 60%, both at their highest levels this year.

This week, the volume and proportion of block trades in options have remained high, primarily driven by rollover demand. Currently, market makers and active traders hold substantial cash and have strong trading intentions, with the greatest demand being for downside protection.