Greeks.live: Altcoin Market Sees Limited Recovery, Altcoin Trading Still Requires Patience
Odaily Planet Daily News, Greeks.live macro researcher Adam posted on platform X that on May 1st, 23,000 BTC options expired, with a Put Call Ratio of 1.13, a max pain point 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 point of $2,325, and a notional value of $400 million.
He pointed out that market volatility was low this week, with Bitcoin consolidating around $78,000. Market sentiment has gradually calmed, short-term RV has dropped significantly, and combined with the monthly settlement releasing nearly a quarter of position margins, the implied volatility of major tenor options has seen a marked decline this week. The IV of Bitcoin's main tenors has completely fallen below 40%, while the IV decline for ETH's main tenors is even greater, with short-term IV falling below 50% and medium-to-long-term IV both dropping below 60%.
Looking at the main 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 consolidation signals.
He also stated that in April this year, Bitcoin significantly outperformed the first three months in terms of both price and hype. However, the altcoin market has seen only a limited recovery. For now, the focus should mainly be on Bitcoin, and trading altcoins will require further patience.
