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Greeks.live is a professional options app that provides popular tools such as "Delta Hedging with One Click," "Automatic Dynamic Hedging," and "Chasing and One-Click Chasing" functions.
Greeks.live Macro Researcher: The decline has not caused market concern; the current market does not support chasing short positions
, Greeks.live macro researcher Adam posted on platform X stating that through Options Terminal analysis of the weekend market, it was found that large funds mainly engaged in three types of operations:Selling near-term gamma and near-month volatility;Buying downside protection for medium-to-long-term tenors, or constructing defensive structures such as put fly and collar;Conducting pin and roll operations around the $79,000 to $80,000 range.He stated that the current market does not support chasing short positions, and the decline has not caused market concern, with whales expecting short-term consolidation.
Greeks.live: Today, 25,000 BTC options and 274,000 ETH options expire.
According to analyst [email protected] (@BTC__options), the options expiry data for May 15 is as follows: For BTC, 25,000 contracts expired, with a Put-Call Ratio of 0.59, a maximum pain point at $80,000, and a notional value of $2 billion. For ETH, 274,000 contracts expired, with a Put-Call Ratio of 0.4, a maximum pain point at $2,300, and a notional value of $620 million. This week, Bitcoin traded sideways near $80,000, exhibiting clear technical support; market attention remained low, with only 6% of BTC options expiring, versus 11% for ETH. BTC’s key-term implied volatility (IV) stood at approximately 35%, while ETH’s was around 50%. Skew has fluctuated minimally over the past month, reflecting neutral directional sentiment, and options activity remains extremely low—approximately 20% of open interest is expected to remain by end-May and roughly 30% by end-June. Overall, Bitcoin performed relatively well in both price and market热度 during Q2 2024, supported by favorable legal, regulatory, and macroeconomic developments. However, market热度 still falls short of expectations. Against this long-term bullish backdrop, Bitcoin remains the primary trading instrument, and positioning in medium-to-long-dated options is widely viewed as a reasonable strategy.
Bitcoin and Ethereum options with a notional value of $9.87 billion are set to expire on April 24th.
Odaily Odaily News: Greeks.live macro researcher Adam posted on X platform, disclosing the options delivery data for April 24th:1. 109,000 BTC options expired, with a Put Call Ratio of 0.93, a max pain point of $72,000, and a notional value of $8.55 billion.2. 563,000 ETH options expired, with a Put Call Ratio of 0.72, a max pain point of $2,200, and a notional value of $1.32 billion.The market continued to rebound this week, with Bitcoin breaking above $78,000. The Hong Kong Web3 conference was also filled with an upbeat atmosphere, and the altcoin market is recovering as well. This is a monthly expiry, with 25% of options set to expire. In terms of holding periods, the distribution of open interest in the options market shows 12% for the end of May and 24% for the end of June.Looking at the main options data, Bitcoin's key tenor IV continued to decline this month, with most tenor IVs falling by 1% to 2% to below 40%. ETH's main tenor IV dropped even more, currently around 60%. Despite the price increase, Skew has declined, and there is no FOMO sentiment in the market.In the second quarter of this year, Bitcoin's performance in both price and market sentiment was significantly better than in the first quarter. This month's sustained rebound is a sign of capital inflow. If macro pressure bottoms out by mid-year, Bitcoin's bottom will also be confirmed.
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.
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Opinion: The Correlation Between the Crypto Market and US Stocks May Continue to Rise
Adam, a macro researcher at Greeks.live, posted on X platform that as the market rebounds, BTC's GEX is concentrated at $60,000. The previously scattered GEX combination has become concentrated, primarily dominated by current-week and current-month options. The biggest macro event this week is SpaceX's listing on June 12. As the world's largest IPO, the liquidity impact on US stocks is worth watching.Recently, US stock market volatility has been high, exerting significant pressure on cryptocurrencies. A large number of crypto market investors have recently flooded into the US stock market, and the correlation between the crypto market and the US stock market may continue to increase. The IV for options expiring this week has risen significantly, and the proportion of block trades has also continued to increase. Investors are positioning for near-term defense, and there is strong demand for short-term call options.
Nominal value of $1.89 billion Bitcoin options expires today, market attention largely focused on US stocks
Greeks.live posted on platform X, stating that nominal value of $1.89 billion Bitcoin options expires today, including 25,600 BTC options expiring, with a Put Call Ratio of 0.56, max pain point at $70,500, and a nominal value of $1.62 billion; 155,000 ETH options expiring, with a Put Call Ratio of 0.92, max pain point at $2,000, and a nominal value of $270 million. Bitcoin suffered a sharp decline this week, once approaching $60,000. Due to the rapid decline, BTC and ETH have both moved away from the support of the "max pain point." The poor market conditions have further dampened the already low market attention. Only 6% of options expire this week, with market attention largely focused on US stocks.
$1.89 billion notional value of Bitcoin options expires today, with market attention largely focused on U.S. equities.
According to Greeks.live data, $1.89 billion in notional value of Bitcoin options expired today, comprising 25,600 BTC options with a Put/Call Ratio of 0.56 and a maximum pain point at $70,500 (with $1.62 billion in notional value); and 155,000 ETH options expired, with a Put/Call Ratio of 0.92, a maximum pain point at $2,000, and $270 million in notional value. Bitcoin experienced a sharp decline this week, briefly approaching $60,000. Due to the rapid drop, both BTC and ETH moved significantly away from their respective “maximum pain” levels. Poor market conditions further dampened already low investor attention—only 6% of options expired this week, with market focus largely centered on U.S. equities.
$7.48 billion notional value of BTC and ETH options expire and settle today, with maximum pain points at $75,000 and $2,200, respectively.
According to Greeks.live data, BTC and ETH options with a total notional value of $7.48 billion expire and settle today. The maximum pain points are $75,000 for BTC and $2,200 for ETH. Specifically, 84,000 BTC options expire, with a Put/Call Ratio (PCR) of 0.88 and a maximum pain point at $75,000—representing a notional value of $6.2 billion. Meanwhile, 639,000 ETH options expire, with a PCR of 0.81 and a maximum pain point at $2,200—representing a notional value of $1.28 billion. From the key options data, BTC’s and ETH’s PCRs stand at 0.88 and 0.81 respectively—not indicating extreme bearishness. Markets had not broadly bet on a sharp, one-sided crash beforehand; rather, positioning appears relatively neutral with a slight defensive tilt. Skew remains relatively stable, reflecting primarily the realization of previously accumulated positions.
Analysis: BTC Falls Below Key Option GEX Zone But Implied Volatility Does Not Rise, No Significant Market Panic
Odaily News According to Adam, a macro researcher at Greeks.live, who posted on platform X, Bitcoin has fallen below the dense Gamma Exposure (GEX) zone of options, with subsequent resistance from upper-level positions gradually weakening. Ethereum (ETH) has also broken below its GEX concentration zone near $2,000, weakening its short-term structural support.Although the BTC price has entered a relatively sensitive area, the Implied Volatility (IV) has not risen significantly. The IV across all tenors remains below 40%, with longer-dated tenors continuing to decline. The three consecutive days of decline have also failed to effectively push up short-term IV, indicating that the market has not yet priced in significant panic.Currently, the implied probability for options expiring in May is approximately 20%. Tomorrow's monthly settlement is expected to significantly reshape the current option position structure. Overall, the market is still monitoring the effectiveness of key support levels, and the demand from large position holders to hedge against the risk of further breakdowns has not materially increased.
Analysis: The vicinity of the $78.5K max pain point remains the key battleground for Bitcoin bulls and bears
According to an analysis by Greeks.live, Bitcoin's weekend rebound was fueled by news of US-Iran tensions. Core takeaway for this weekend's BTC options: Gamma constraints have weakened after the delivery, and the area around the $78.5K max pain point remains the key battleground for Bitcoin bulls and bears. In the short term, if BTC holds the $77K-$78K range, it is likely to continue oscillating with a bullish bias. If it breaks above $80K on strong volume, the Call side could reignite buying momentum. Short-term IV remains low. Given the strong expectation of near-term consolidation, it is more suitable to use Call Spreads / Put Spreads to control costs.