TechFlow News: On April 10, options analyst Adam@Greeks.live (@BTC__options) reported that 27,000 BTC options expired on that day, with a Put/Call Ratio of 0.71, a max pain level at $69,000, and a notional value of $1.94 billion; meanwhile, 151,000 ETH options expired, with a Put/Call Ratio of 0.77, a max pain level at $2,050, and a notional value of $330 million.
Market-wise, spurred by news of a U.S.-Iran ceasefire this week, BTC surged past $72,000, breaking out of its recent consolidation range. BTC options’ market share has consistently exceeded 80%, with open interest concentrated toward end-April and end-June expiries; trading activity is predominantly focused on the current month (end-April) expiry. In terms of volatility, BTC’s implied volatility (IV) across major tenors dropped sharply to around 40%, while ETH’s IV across major tenors declined to approximately 60%. Skew continues rising but remains modest in magnitude.
Analysts note that BTC has performed poorly both in price and investor sentiment this year. Although this week’s sustained rally is rare, indicators such as capital flows suggest the crypto market remains driven by broader markets, with most of its own metrics still pointing to bearish characteristics.
