January 9th saw a concentrated wave of options expiration in the crypto markets. Today alone, 21,000 BTC options and 126,000 ETH options expired simultaneously—a substantial volume.
On the BTC side, the Put Call Ratio stands at 1.07, with the max pain point at $90,000. The nominal value of these contracts reached $1.9 billion. ETH presents a different picture, with a Put Call Ratio of only 0.88 and max pain near $3,100, representing $390 million in nominal value.
Zooming out, approximately $2.4 billion in options contracts expire this week, representing 7% of total market open interest.
Volatility metrics show an interesting shift. BTC's implied volatility remains roughly in line with pre-Christmas levels, hovering around 40% across major expiration periods. In contrast, ETH's implied volatility has declined notably, dropping below 55% for primary expirations.
Market sentiment is also reflected in trading behavior—block trades exceeded 70% of total trading volume today, marking a multi-month high. Looking at positioning structure, participants are actively accumulating BTC call options for month-end expiry, while simultaneously betting on downside for ETH month-end.
January 9th saw a concentrated wave of options expiration in the crypto markets. Today alone, 21,000 BTC options and 126,000 ETH options expired simultaneously—a substantial volume.
On the BTC side, the Put Call Ratio stands at 1.07, with the max pain point at $90,000. The nominal value of these contracts reached $1.9 billion. ETH presents a different picture, with a Put Call Ratio of only 0.88 and max pain near $3,100, representing $390 million in nominal value.
Zooming out, approximately $2.4 billion in options contracts expire this week, representing 7% of total market open interest.
Volatility metrics show an interesting shift. BTC's implied volatility remains roughly in line with pre-Christmas levels, hovering around 40% across major expiration periods. In contrast, ETH's implied volatility has declined notably, dropping below 55% for primary expirations.
Market sentiment is also reflected in trading behavior—block trades exceeded 70% of total trading volume today, marking a multi-month high. Looking at positioning structure, participants are actively accumulating BTC call options for month-end expiry, while simultaneously betting on downside for ETH month-end.