Today, 20,000 BTC options are expiring, with a notional value of $1.6 billion

Odaily reported that Adam from Greeks.live posted on platform X, stating that on May 8, 20,000 BTC options expired, with a put/call ratio of 0.73, a max pain point of $79,500, and a notional value of $1.6 billion; 182,000 ETH options expired, with a put/call ratio of 0.93, a max pain point of $2,350, and a notional value of $410 million. Bitcoin rose from $75,000 to $82,000 this week, but pulled back last night. The implied volatility (IV) and realized volatility (RV) for major tenors and short-term options remained unchanged from last week, while short-term RV increased slightly. Bitcoin's IV for major short-term tenors is around 35%, while ETH's IV for major short-term tenors is around 50%, with both declining slightly in the medium to long term.

Key options data shows that Skew is relatively stable with a slight upward trend, and market directional sentiment remains neutral. Only 5% of options are expiring this week, marking extremely low options activity, with futures trading volume hitting historical lows. Approximately 20% of open interest is concentrated at the end of May, and about 30% at the end of June, with block trades being relatively inactive.

Adam from Greeks.live stated that in the second quarter of this year, Bitcoin has performed well in terms of both price and market attention. However, overall market sentiment remains subdued. Currently, the focus is primarily on Bitcoin, and laying out some medium-to-long-term options seems quite reasonable, while positioning in some quality altcoins also appears relatively cost-effective.