TechFlow news, Adam, macro researcher at Greeks.live, stated on X that 22,000 BTC options will expire today, with a Put Call Ratio (PCR) of 1.1, maximum pain point at $44,000, and a notional value of $890 million.
In addition, 211,000 ETH options will expire today, with a PCR of 0.55, maximum pain point at $2,500, and a notional value of $520 million.
He noted that the impact of Bitcoin spot ETFs has largely dissipated, volatility has dropped significantly, key-term implied volatility (IV) has plunged, and the maximum pain point has approached the settlement price for the first time this year. This week's PCR reached 1.1 during a bull market for the first time, indicating that bearish sentiment has gained the upper hand this week.
The next major catalyst might be speculation around the halving event; clearly, this year’s backdrop remains bullish.
