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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: 149,000 BTC options, with a notional value of $9.6 billion, expire today
Odaily News [email protected] posted on the X platform that the options settlement data for July 31 shows that 149,000 BTC options expired, with a Put Call Ratio of 0.28, the max pain point at $64,000, and a notional value of $9.6 billion; 435,000 ETH options expired, with a Put Call Ratio of 0.63, the max pain point at $1,850, and a notional value of $830 million. Bitcoin fluctuated around $64,000 this week. As mentioned last week, the price range above $65,000 is a high-volume area formed during the early-year rally, and there is some resistance there.The U.S. stock market was quite volatile this week, but when U.S. stocks fell, funds did not flow into the crypto market, and the rebound did not drive the crypto market up either. Currently, capital inflows into crypto are limited, with trading volumes of some crypto-related U.S. stock products even surpassing many crypto assets, so conditions for an upward move are not in place. Looking at the main options data, 30% of options expired this week. On the call side, Gex is relatively dispersed, while on the put side, Gex is relatively concentrated. This month, BTC's PCR is only 0.26, with extremely low put open interest, while Ethereum's put open interest has remained relatively high.Overall IV has remained at a relatively low level for a quarter now. In Q3, we can observe rebounds when capital inflows occur. Crypto has been in an 8-month bear market, and trading attention in U.S. stocks has taken the lead. In the short term, some options can be sold, with the main trading focus placed on U.S. stocks.
Greeks.live: Bitcoin and Ethereum Options with $1.43 Billion Notional Value Expire and Settle Today
According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
Analyst: Today saw a sudden surge in BTC call option trading, likely indicating large holders starting to sell.
Odaily News, Adam, a macro researcher at Greeks.live, posted on platform X that the rebound appears to be losing momentum. There has been a sudden increase in block call option trading today. Combined with a decline in implied volatility, large holders are selling call options. A significant number of call options for the current month have been sold off, and the margin released from the June quarterly settlement is being rapidly converted into seller positions amid this rebound. He suggested that one could consider following the trend and selling some 0.3 Delta call options, such as the next-week $66,000 call option.
Analyst: Low Activity in the Crypto Market This Month, US Stocks and Commodity Prices May Be More Worth Watching
Adam, a macro researcher at Greeks.live, posted on platform X stating that, based on the distribution of open interest, the open interest across all expiries before the end of this month is very low, totaling about 15%, which is a sign of low market activity. On the other hand, GEX is concentrated in the $60,000 put options and the $63,000 call options, corresponding to the upper and lower limits of the recent two consolidation ranges respectively. This market may closely follow external markets, making the recent performance of US stocks and commodity prices more noteworthy.
Analyst: Bitcoin’s downside risk is greater, selling call options offers better value now
: According to Adam, a macro researcher at Greeks.live, Bitcoin has reclaimed the $60,000 level. Currently, GEX is concentrated around the $60,000 mark. As prices repeatedly fluctuate around this key level, both call and put positions have accumulated at this point.However, put positions are currently distributed in the $55,000 to $60,000 range, with a vacuum zone below $55,000. If breached, there is significant room for a decline. Meanwhile, the area above $60,000 is where prices have repeatedly traded in recent months, with more evenly distributed positions. Overall, the downside risk is greater. Macro uncertainty, coupled with capital outflows from the United States, makes it difficult to support the cryptocurrency market. Currently, selling call options offers better value.
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: Bitcoin and Ethereum Options with $1.43 Billion Notional Value Expire and Settle Today
According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
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.
Related news
Greeks.live: 149,000 BTC options, with a notional value of $9.6 billion, expire today
Odaily News [email protected] posted on the X platform that the options settlement data for July 31 shows that 149,000 BTC options expired, with a Put Call Ratio of 0.28, the max pain point at $64,000, and a notional value of $9.6 billion; 435,000 ETH options expired, with a Put Call Ratio of 0.63, the max pain point at $1,850, and a notional value of $830 million. Bitcoin fluctuated around $64,000 this week. As mentioned last week, the price range above $65,000 is a high-volume area formed during the early-year rally, and there is some resistance there.The U.S. stock market was quite volatile this week, but when U.S. stocks fell, funds did not flow into the crypto market, and the rebound did not drive the crypto market up either. Currently, capital inflows into crypto are limited, with trading volumes of some crypto-related U.S. stock products even surpassing many crypto assets, so conditions for an upward move are not in place. Looking at the main options data, 30% of options expired this week. On the call side, Gex is relatively dispersed, while on the put side, Gex is relatively concentrated. This month, BTC's PCR is only 0.26, with extremely low put open interest, while Ethereum's put open interest has remained relatively high.Overall IV has remained at a relatively low level for a quarter now. In Q3, we can observe rebounds when capital inflows occur. Crypto has been in an 8-month bear market, and trading attention in U.S. stocks has taken the lead. In the short term, some options can be sold, with the main trading focus placed on U.S. stocks.
Greeks.live: Bitcoin and Ethereum Options with $1.43 Billion Notional Value Expire and Settle Today
According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
Analysis: Bitcoin’s Return to $66,000 Signals Improvement, Crypto Options May Enter a New Steady State
according to an analysis by Greeks.live, Bitcoin’s return to $66,000 is a very positive signal, reaching a high point not seen in nearly two months, but also entering the dense trading zone seen at the beginning of the year. The implied volatility for major terms has remained largely unchanged, with all IVs for tenors within the year falling below 40%. Investors have already adapted to this market environment of extremely low volatility.This year, only during the sharpest decline in February did the implied volatility for major terms exceed 50%; for most of the time, it has remained below 45%. This may well be the new steady state for crypto options.
Greeks.live: Today, 19,000 BTC and 123,000 ETH options expire, with a notional value exceeding $1.4 billion
BTC has been oscillating in the 60K to 65K range for over a month this week, with calm market conditions; the sharp volatility in US stocks, SpaceX, and the storage sector has had limited impact on the crypto market. BTC's GEX distribution is concentrated at 64K and 70K, while ETH's GEX distribution is concentrated between 1825 and 2000. The distribution is relatively dispersed, indicating that many traders are beginning to attempt bottom fishing with shallow out-of-the-money options.
Deribit trading volume share drops to 40%, while open interest share remains at 75%
Odaily Odaily报道，Greeks.live宏观研究员Adam在X平台发文表示，Deribit的交易量占比已下降至40%，一年前约为60%，三年前约为80%，但持仓量占比仍以75%领先。这主要由交易结构差异引起，Deribit的中远期流动性较好，深度优势明显，而中远期期权交易频率较低。对于短期期权而言，只要价格合适，需要处理的问题更少，更接近期货市场，也更需要市场营销刺激。
Analyst: Today saw a sudden surge in BTC call option trading, likely indicating large holders starting to sell.
Odaily News, Adam, a macro researcher at Greeks.live, posted on platform X that the rebound appears to be losing momentum. There has been a sudden increase in block call option trading today. Combined with a decline in implied volatility, large holders are selling call options. A significant number of call options for the current month have been sold off, and the margin released from the June quarterly settlement is being rapidly converted into seller positions amid this rebound. He suggested that one could consider following the trend and selling some 0.3 Delta call options, such as the next-week $66,000 call option.