TechFlow reports, Adam, macro researcher at Greeks.live, said that 18,000 BTC options expired with a Put Call Ratio of 0.67, maximum pain point at $70,000, and notional value of $1.25 billion. Meanwhile, 260,000 ETH options expired with a Put Call Ratio of 0.64, maximum pain point at $3,650, and notional value of $1 billion.
This week, the Bank of Canada and the European Central Bank initiated rate cuts, leading to strong performance across the broader risk investment market. The crypto market is now driven by both BTC ETFs and ETH ETFs, with a clear divergence between macroeconomic and news-driven factors, creating an overall optimistic market sentiment. Currently, BTC's implied volatility (IV) across major tenors hovers around 50%, while ETH's IV centers around 55%, both having declined to reasonable levels. The previously suggested trade—selling ETH and buying BTC to capture cross-asset IV spread—can now be profitably closed. This month, BTC’s price movement will likely be strongly tied to macro developments around Federal Reserve rate cuts, whereas ETH’s trajectory will primarily depend on news regarding ETF approvals.
