2026-01-09 08:28:34

The options market has been a bit lively these days. According to Greekslive data, 21,000 BTC options and 126,000 ETH options are set to expire soon.

BTC seems more worth paying attention to — the Put Call Ratio has reached 1.07, with the maximum pain point at $90,000, corresponding to a notional value of up to $1.9 billion. In other words, this price level could become an important support or resistance.

ETH's situation is a bit more moderate. The Put Call Ratio is 0.88, with the maximum pain point at $3,100, and a notional value of $390 million.

From a volatility perspective, market sentiment shows an interesting divergence. The implied volatility (IV) for BTC has remained roughly the same as before the Christmas holiday, with major maturities hovering around 40%; however, ETH's IV has decreased, with major maturities around 55%. This indicates that the market's expectations for BTC are relatively stable, while participation in ETH's short-term rebound may be gradually softening.

BTC1,85%

ETH1,81%

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UncleWhale

· 01-12 08:06

It feels like the 90,000 level will be tested repeatedly, can anyone withstand the nominal value of $1.9 billion? ETH's popularity is clearly not as strong as BTC; it seems Ethereum is gradually waning. In the short term, BTC shows more stability, while ETH's volatility remains high. It seems like recent options data is hinting at something, but I just can't read it. Spending $1.9 billion at 90,000—this time, the big players are really going to have some fun.

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GasGoblin

· 01-12 07:18

Is this level at 90,000 really going to be broken through? With a nominal value of 1.9 billion, how many people are betting... It seems like no one cares about ETH anymore; IV has also dropped. BTC is holding steady in a somewhat strange way, just like before Christmas, and it's still like this now. Waiting to see how it blows up on Friday.

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LucidSleepwalker

· 01-12 01:16

At the $90,000 level, wow, $1.9 billion stacked there, how much pressure does that put on? Why is ETH still silent? Its popularity is indeed dropping. BTC is as steady as can be, truly a dead calm. With so many options expiration dates, be careful not to get caught off guard. Compared to volatility, the differences are indeed significant, and market sentiment is divided. The $90,000 hurdle feels like a wall. ETH is only supported at 3100 yuan, feeling quite fragile. Stability can sometimes be the most boring, but at least it’s less likely to get liquidated.

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LiquidationSurvivor

· 01-11 22:08

The 90,000 level really can't hold anymore, with $1.9 billion pressing down there. ETH is quite calm, but the calmer it is, the more dangerous it becomes. The divergence in volatility is interesting; BTC remains steady as if nothing's wrong.

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NeonCollector

· 01-09 08:54

Is the pressure of 90,000 so intense? $1.9 billion poured in here... No wonder BTC has been so difficult to break through recently. It looks like Ethereum is about to cool off; volatility has directly plummeted. BTC remains very stable; indeed, it's the big brother. ETH's Put Call ratio is only 0.88? The bearish sentiment isn't that strong. How should we interpret this data... Is it a sell-off or a rebound? It's really hard to tell. 90,000 feels like a key level; if it can't be broken, a pullback is inevitable. This difference in volatility suggests smart money is repositioning. Why is ETH's IV actually higher... Does it hint at something? BTC just wants to stabilize by the end of the year; this mindset is uninteresting.

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EyeOfTheTokenStorm

· 01-09 08:51

Pay close attention to the 90,000 level; with a nominal value of 1.9 billion dollars on the line, the big players definitely have their ideas. BTC volatility is still at 40%, indicating the market hasn't fully settled yet. Let's see how the year-end transition unfolds. Is ETH's rebound participation decreasing? That means the main players are offloading. Don't be fooled by short-term rebounds. The Put-Call Ratio of 1.07 isn't particularly extreme, but with such clear pain points, it suggests this week will be very interesting... There are 126,000 ETH options expiring. Thinking back to the frenzy before each expiration in 2017, but now the market structure has completely changed. Does this data look comfortable? Anyway, I feel a bit nervous and think I might do some trading.

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DiamondHands

· 01-09 08:43

The $90,000 mark is really approaching, and just the nominal value of 1.9 billion is enough to be frightening. ETH's rebound enthusiasm has cooled down, no wonder it's been a bit dull these past two days. BTC is holding steady in a somewhat strange way... feels like it's holding back a big move. Why does it seem like all the options are pointing in the same direction as this expiration wave? The market is so polarized, it's quite interesting.

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All-InQueen

· 01-09 08:41

90000 this point really gets stuck, 1.9 billion nominal value is no joke Why is ETH so weak, IV is still dropping, participation really is gone Is BTC volatility this stable? Something's not right, feels like the calm before the storm Is the all-in opportunity here, or should we keep observing?

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ApeWithAPlan

· 01-09 08:35

The 90000 level is quite interesting, with a nominal value of 1.9 billion pressing down here. ETH isn't as competitive lately; with IV dropping to 55, it feels like someone is gradually retreating. BTC has been relatively calm recently, which feels a bit strange. Will this options expiration be another round of harvesting?

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GasFeeCrier

· 01-09 08:32

The 90,000 level needs to be well defended, or else the $1.9 billion issue might get away.

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