Greeks.live: Altcoin recovery limited, altcoin trading still requires patience

Odaily reported that Adam, a macro researcher at Greeks.live, 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. Additionally, 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 noted that the market saw limited volatility this week, with Bitcoin consolidating around $78,000. Market sentiment has gradually calmed, short-term RV has dropped significantly, and coupled with the monthly settlement releasing nearly a quarter of position margin, the implied volatility of major tenor options has notably declined this week. The IV for Bitcoin's main tenors has all fallen below 40%, while the decline for ETH's main tenors was even steeper, with short-term IV dropping below 50% and medium-to-long-term IVs all falling under 60%.

Based on key options data, Skew remains relatively stable, with directional market sentiment maintaining a slight bearish bias. Only 6% of options expire this week, while approximately 25% of open interest is due by the end of May and about 30% by the end of June. Block trades are relatively inactive, all of which are signs of consolidation.

He also stated that Bitcoin's performance in terms of price and hype in April this year was significantly better than in the previous three months. However, the altcoin market recovery is limited. For now, the strategy is primarily focused on Bitcoin, while trading altcoins requires further waiting.