Greeks.live: Bitcoin and Ethereum options with a notional value of $2.27 billion expire today

According to options analyst [email protected] (@BTC__options), on April 10, a total of 27,000 BTC options expired, with a Put/Call Ratio of 0.71, a max pain level at $69,000, and a notional value of $1.94 billion; meanwhile, 151,000 ETH options expired, with a Put/Call Ratio of 0.77, a max pain level at $2,050, and a notional value of $330 million. Market-wise, spurred by news of a U.S.-Iran ceasefire this week, BTC surged past $72,000—breaking out of its recent consolidation range. BTC options’ market share has consistently exceeded 80%, with open interest concentrated in late April and late June expiries; trading activity is dominated by the current-month (late-April) expiry. In terms of volatility, BTC’s implied volatility (IV) across major tenors dropped sharply to around 40%, while ETH’s IV across major tenors also declined to approximately 60%. Skew continues rising, albeit modestly. Analysts note that BTC’s performance this year has been weak both in price and market热度 (heat). Although this week’s sustained rebound is rare, indicators such as fund flows suggest the crypto market remains driven by broader markets, with most of its own metrics pointing to bearish characteristics.