TechFlow news: Greeks.live reported that 21,000 BTC options are expiring, with a put-to-call ratio of 0.88, a max pain point at $67,000, and a notional value of $1.4 billion. Meanwhile, 350,000 ETH options are expiring, with a put-to-call ratio of 0.58, a max pain point at $3,200, and a notional value of $1.3 billion.
ETH has taken over from BTC in terms of price momentum, boosted by ETF developments, posting a single-day gain of 20%. Short-term ETH option implied volatility (IV) briefly reached 150%, significantly higher than BTC's current IV. Currently, a clear divergence exists between BTC and ETH. From the perspective of broad market trading and market structure, bullish sentiment for ETH remains strong, but sustaining high IV across major tenors is difficult; calendar spreads may be a better strategy. In contrast, BTC shows a more balanced positioning between bulls and bears, with stronger pressure from covered call selling.
