Odaily Planet Daily reports that Greeks.live macro researcher Adam posted on the X platform: 267,000 BTC options are expiring, with a Put Call Ratio of 0.35, the maximum pain point at $95,000, and a notional value of $23.6 billion. 1.28 million ETH options are expiring, with a Put Call Ratio of 0.45, the maximum pain point at $3,100, and a notional value of $3.71 billion. This year marks the annual expiration date, the largest cryptocurrency options expiration in history, with nearly $28 billion in options expiring. Bitcoin and Ethereum prices have plummeted in the fourth quarter of this year, stabilizing only at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has dropped below $3,000. The monthly chart shows four consecutive bearish candles, and market sentiment is relatively subdued. Based on major options data, implied volatility has been affected by factors such as declining volatility and the Christmas holiday. The main-term IV for BTC is around 40%, and for ETH around 60%, both considered medium levels this year. Today, more than half of the options have been settled. Before settlement, trading volume and trading share of large options transactions continued to rise, mainly due to repositioning needs. After settlement, quarterly options expiring in March hold the largest positions, accounting for over 30% of total holdings, mainly out-of-the-money call options. The fourth quarter of this year can be described as the worst in recent years. Due to industry cycle factors and slow development, market sentiment is poor, making it more suitable for seller strategies.
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