Analysis: Implied volatility for Bitcoin and Ethereum rose this week, with the price decline trend easing but market confidence remains insufficient
Odaily reported on the X platform, analysis by Greeks.live indicates 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 $60,000 psychological level, and throughout February, prices have been weakly oscillating above $60,000.
Tomorrow, options accounting for 20% of total open interest are expiring, 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, implied volatility for Bitcoin and Ethereum rose this week. BTC's major term IV is around 47%, and ETH's major term IV is around 65%. The price decline trend has eased somewhat, but market confidence remains insufficient.
In terms of trading volume, block trades in call options dominate absolutely. Following yesterday's rebound, a significant 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 bearish phase. Currently, the crypto space lacks both new capital inflows and clear market narratives, with pessimistic sentiment pervading social media. The bottom may not have been reached yet.
