TechFlow news, on January 16, Adam, macro researcher at Greeks.live, released a Chinese community bulletin stating: "20,000 BTC options expired with a Put Call Ratio of 1.39, maximum pain point at $92,000, and notional value of $2.3 billion.
120,000 ETH options expired with a Put Call Ratio of 1.04, maximum pain point at $3,200, and notional value of $430 million.
This week, BTC continued its upward trend for the year, briefly approaching $98,000, just shy of the $100,000 psychological level. However, resistance around $100,000 remains significant, with substantial sell calls accumulated at this level. Nearly $2.7 billion in options expired, an increase of over 20% compared to last week.
Last week's data indicated strong support at the $90,000 level for BTC and $3,000 for ETH, and market sentiment has improved accordingly—this week confirmed the continuation of the bull market.
However, from key options data, BTC implied volatility (IV) slightly declined while skew slightly increased, indicating relatively lower prices for put options. Meanwhile, all PC Ratios remain above 1.0, suggesting that selling puts is currently the dominant trading strategy. Additionally, massive sell calls have built up at the $100,000 level. Institutional investors' outlook this month primarily anticipates a range-bound movement between $90,000 and $100,000, where both resistance and support are notably strong."
