TechFlow reports that on October 11, Adam, a macro researcher at Greeks.live, posted on X indicating that 18,000 BTC options expired with a Put Call Ratio of 0.91 and a maximum pain point at $62,000, amounting to $1.1 billion in notional value. Meanwhile, 212,000 ETH options also expired, with a Put Call Ratio of 0.4, a maximum pain point at $2,450, and a notional value of $510 million.
Adam analyzed that the cryptocurrency market remains weak, with fierce battles around the key level of $60,000 for BTC, while ETH hovers near its long-term support line at $2,300, suggesting a potential market reversal could occur at any moment. The first two weeks of Q4 this year have shown poor market performance, and the options market has been relatively sluggish, with open interest dropping to a new low since 2023. However, such subdued conditions may also be孕育ing new trading opportunities. Currently, the at-the-money implied volatility for BTC options expiring on November 8 stands at only 50%, making it suitable to establish some medium- to long-term bullish positions at these lower levels. Large-scale bullish trades have gradually become more active this week, and the market is likely to witness new momentum around the time of the U.S. election.
