Greeks.live: Nearly $2.9 Billion Worth of BTC and ETH Options Settled Today, Put Options Dominate

Odaily reported that Greeks.live posted on X platform, stating that 38,000 BTC options have been settled with a Put-Call Ratio of 0.71, a max pain point of $74,000, and a notional value of $2.5 billion. 215,000 ETH options have been settled with a Put-Call Ratio of 0.82, a max pain point of $2,100, and a notional value of $410 million.

The crypto market continues to decline, with the max pain point dropping rapidly. The options settled today account for 9% of the total open interest, with a total value close to $2.9 billion. This week, the implied volatility (IV) for Bitcoin and Ethereum has decreased, with BTC's major-term IV falling to 50% and ETH's to 70%. Although the pace of the price decline has slowed, market confidence remains weak.

In terms of trading activity, put options are dominant. After yesterday's market decline, some bottom-fishing behavior has begun to emerge. Key option indicators show that Skew is rebounding, and the proportion of call options in block trades is increasing.

The market remains in a bearish phase, but the most intense stage of the decline has ended. The current crypto market lacks incremental capital, making it premature to discuss a bull market or a significant rebound.