Greeks.live: Altcoins See Modest Recovery, Altcoin Trading Still on Hold

Odaily Planet Daily News, Greeks.live macro researcher Adam posted on platform X that on May 1st, a total of 23,000 BTC options expired, with a Put Call Ratio of 1.13, a max pain price of $76,000, and a notional value of $1.74 billion; 175,000 ETH options expired, with a Put Call Ratio of 0.94, a max pain price of $2,325, and a notional value of $400 million.

He pointed out that market volatility was low this week, with Bitcoin consolidating around the $78,000 mark. Market sentiment is gradually calming down. Short-term RV has dropped significantly. Coupled with the monthly settlement releasing nearly a quarter of position margin, the implied volatility of key tenors this week has seen a notable decline. Bitcoin's key tenor IV has completely fallen below 40%, while ETH's key tenor IV has dropped even more, with short-term IV falling below 50% and medium-to-long-term IVs all breaking below 60%.

Looking at major options data, the Skew is relatively stable, and market directional sentiment remains mildly bearish. Only 6% of options expire this week, with approximately 25% of open interest expiring at the end of May and about 30% at the end of June. Block trades are relatively inactive, all of which are signals of consolidation.

He also stated that Bitcoin's performance in both price and popularity this April was significantly better than in the previous three months, but altcoins have only seen a modest recovery in market conditions. Currently, the strategy is primarily focused on Bitcoin, and one still needs to wait for altcoins.