TechFlow news — On December 13, Adam, a researcher at Greeks.live, posted on social media that 21,000 BTC options expired today with a Put Call Ratio of 0.83, a max pain point at $98,000, and a notional value of $2.1 billion. Meanwhile, 164,000 ETH options expired today with a Put Call Ratio of 0.68, a max pain point at $3,700, and a notional value of $640 million.
This week's market has been primarily corrective. Unlike last week, Bitcoin’s correction has been relatively mild while altcoins have seen stronger pullbacks. As Christmas and year-end settlements approach, market makers are adjusting their positions. Large bullish option trades have dominated recently, accounting for over 30% of daily volume on average. Historically, trading activity in Europe and the U.S. drops significantly during the Christmas period; given the rising influence of U.S. equities on crypto this year, this trend may be even more pronounced.
Options market data over the past two weeks consistently indicates caution among market makers. Sharp price volatility has driven slight increases in implied volatility (IV) across key tenors. Options remain highly suitable for short-term speculation at this juncture. This week’s trading activity has mainly centered around short-term PVP (price vs. probability) strategies, and the cost-effectiveness of buying options remains high.
