TechFlow, August 22 — Adam, macro researcher at Greeks.live, released today's options expiry data:
34,000 BTC options expired with a Put Call Ratio of 1.3, maximum pain point at $118,000, and notional value of $3.82 billion.
220,000 ETH options expired with a Put Call Ratio of 0.82, maximum pain point at $4,250, and notional value of $950 million.
Adam analyzed: "This week’s theme is price correction, with both BTC and ETH trading near all-time highs. Despite the pullback, market sentiment remains relatively optimistic. Nearly $5 billion in options are expiring this week, accounting for 8% of current open interest—an historically low proportion compared to the nearly $5 billion in daily trading volume.
From key options data, implied volatility has rebounded noticeably across the board. BTC's short-to-medium term IV has fully recovered above 35%, while ETH's major tenors IV remains below 70%, with short-term IV breaking above 80%.
Meanwhile, large block trades have been frequent recently, with substantial transactions seen on both bullish and bearish sides. The options market is showing clear divergence, though overall, forces betting on declining future volatility appear stronger."
