TechFlow reports, Greeks.live macro researcher Adam posted a tweet stating that 135,000 BTC options have expired with a Put Call Ratio of 0.85, maximum pain point at $51,000, and a notional value of $9.5 billion. Meanwhile, 1.58 million ETH options have expired with a Put Call Ratio of 0.63, maximum pain point at $2,600, and a notional value of $5.6 billion.
He noted that today marks a quarterly expiry exceeding $15 billion in value. Despite the crypto market seeing a significant rebound this week and intense battles around the $70,000 level, major tenors' implied volatility (IV) remains elevated even under the pressure of the largest quarterly expiry in history. With Bitcoin's halving event coming next month, this cycle’s BTC price action is different from previous ones, suggesting that relying on past patterns may no longer be effective.
