Analysis: Bitcoin and Ethereum implied volatility rose this week, price decline trend eased but market confidence remains insufficient

Odaily reported that Greeks.live posted an analysis on the X platform, indicating that 116,000 BTC options are expiring, with a Put Call Ratio of 0.76, a max pain point of $75,000, and a notional value of $7.9 billion.

206,000 ETH options are expiring, with a Put Call Ratio of 0.77, a max pain point of $2,200, and a notional value of $980 million.

The crypto market remains sluggish. In early February, Bitcoin once fell below the key $60,000 level, and throughout February, the market has been weakly oscillating above $60,000.

Tomorrow, options accounting for 20% of the total open interest are set to expire, totaling nearly $9 billion, with Bitcoin's share of open interest reaching a multi-year peak. Benefiting from the rebound over the past two days, the implied volatility (IV) for Bitcoin and Ethereum has risen this week. The main-term IV for BTC is around 47%, and for ETH, it's around 65%. The price decline trend has eased somewhat, but market confidence remains insufficient.

In terms of trading volume, block trades of call options dominate absolutely. Following yesterday's rebound, a large volume of medium-to-long-term call trades occurred. Looking at key options data, Skew has also rebounded across the board, indicating the emergence of bottom-fishing forces in the market.

The market is still in a bear phase. Currently, the crypto space lacks both new capital inflows and clear market narratives. Pessimistic sentiment pervades social media, and the bottom may not have been reached yet.