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Skew is a lending service platform that allows qualified borrowers to obtain loans using cryptocurrency collateral that won't be liquidated; it also offers a non-custodial crypto debit card service with a Skew Points rewards mechanism.
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.
Analysis: Bitcoin Approaches $75,000 as ETF Inflows Hit a New Annual High
According to Decrypt, Bitcoin’s price recently approached $75,000, driven by improved risk sentiment and easing geopolitical tensions. Since the Iran conflict erupted on February 28, Bitcoin has surged approximately 13%, outperforming both the S&P 500 Index and gold. Data shows bearish pressure in the options market has eased, with the 25-Delta Skew rebounding from -10% to -4.5%, indicating reduced investor demand for downside protection. Last week, CoinShares data revealed net inflows of $1.1 billion into crypto investment products—the strongest weekly performance so far this year—with U.S. spot Bitcoin ETFs accounting for $786 million in net inflows. Analysts note that ETF inflows and strengthening institutional demand have become key drivers behind Bitcoin’s rally. Experts caution that inflation, Federal Reserve policy, and evolving geopolitical developments could influence its future trajectory.
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.
Analysis: Bitcoin Approaches $75,000 as ETF Inflows Hit a New Annual High
According to Decrypt, Bitcoin’s price recently approached $75,000, driven by improved risk sentiment and easing geopolitical tensions. Since the Iran conflict erupted on February 28, Bitcoin has surged approximately 13%, outperforming both the S&P 500 Index and gold. Data shows bearish pressure in the options market has eased, with the 25-Delta Skew rebounding from -10% to -4.5%, indicating reduced investor demand for downside protection. Last week, CoinShares data revealed net inflows of $1.1 billion into crypto investment products—the strongest weekly performance so far this year—with U.S. spot Bitcoin ETFs accounting for $786 million in net inflows. Analysts note that ETF inflows and strengthening institutional demand have become key drivers behind Bitcoin’s rally. Experts caution that inflation, Federal Reserve policy, and evolving geopolitical developments could influence its future trajectory.
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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Glassnode: Bitcoin Retests $75,000 Strike Price, Market Direction Remains Uncertain
Glassnode stated on platform X that Bitcoin recently retested the $75,000 strike price. This area had previously accumulated nearly $8 billion in short Gamma positions, which once pushed BTC's price down to around $72,500 before the recent options expiry. With the large-scale options expiry concluding today, the market's Gamma structure has begun to rebuild.Data shows that during the BTC decline, the ATM implied volatility (IV) briefly increased, with the 1-week IV breaking above 35%, before quickly falling back to approximately 32%. IV for longer tenors also declined, indicating that the market still views this volatility as a "controlled adjustment." Meanwhile, the 25 Delta Skew remains positive, around 14% across most tenors, suggesting that demand for downside protection is still higher than for call options, though it has cooled down compared to earlier this month.Glassnode added that the 1-month realized volatility rebounded from 24.5% to 28%, while the 1-month IV remains around 35%. A premium of 7 volatility points implies that the options market is still pricing in greater future volatility.In terms of capital flows, the buying and selling structure of options over the past 7 days is almost perfectly balanced, with the proportion of buying and selling for both call and put options close to 25%. This reflects the market's lack of clear directional bets following the recent decline.Furthermore, demand for put option protection around the $70,000 strike price briefly rose to nearly $10 million. However, as the market rebounded, some hedging positions have begun to take profits and close out, alleviating concerns about further declines.Glassnode concluded that market volatility has now stabilized. While hedging demand remains relatively high, it is cooling down. With the expiry of the $75,000 options, the Gamma structure of the BTC market is being re-accumulated across multiple price ranges.
$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.
BTC IV remains low while Gamma reversal occurs, the options market presents a "near-term bearish, long-term bullish" structure
Odaily News: BTC IV at 38%, ETH IV at 53%. ETH Skew shows divergence, with the mid-to-long-term maintaining +2 to +4, indicating strong institutional bullish consensus. The short-term skew has sharply deteriorated to -8 to -12 due to CPI exceeding expectations and Powell's resignation, leading to a surge in short-term hedging demand. BTC/ETH GEX has shifted from a long Gamma, steady bull market strategy to short Gamma, widening short-term volatility and making it difficult for IV to drop significantly. The medium-term bullish structure remains intact, with the current situation appearing more like an event-driven release of short-term risk rather than a trend reversal. In block trades, 2,181.8 lots (worth $176 million) of BTC 5/15 expiry $82K Calls were traded; 11,026 lots (worth $24.97 million) of ETH June $2,100 Puts were traded.Gate has launched an exclusive incentive plan for options VIPs. During the event, users can participate to share a 100,000 USDT prize pool. The platform supports cross-exchange VIP rate matching. By submitting VIP proof or trading volume records from other exchanges, users can apply for lower rates. Rewards are distributed in tiers based on options trading volume; the more you trade, the higher the reward. Additionally, participating users enjoy exclusive service benefits, including VIP customer support, API technical integration, and daily options strategies and data services, providing professional traders with more competitive trading costs and liquidity support.
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.
Today, 20,000 BTC options expired with a notional value of $1.6 billion
Adam @Greeks.live posted on X platform, stating that on May 8th, 20,000 BTC options expired, with a Put/Call Ratio of 0.73, a max pain point of $79,500, and a notional value of $1.6 billion; 182,000 ETH options expired, with a Put/Call Ratio of 0.93, a max pain point of $2,350, and a notional value of $410 million. This week, Bitcoin rose from $75,000 to $82,000 before pulling back last night. The implied volatility (IV) and realized volatility (RV) for major tenors and short-term options remained unchanged from last week, while short-term RV has increased. The IV for Bitcoin's main short-term tenors is around 35%, and for ETH's main short-term tenors, it is around 50%, with a slight decrease in medium-to-long-term tenors.Major options data shows that Skew is relatively stable and slightly rising, with market directional sentiment remaining neutral. Only 5% of options expire this week, resulting in extremely low options activity, with futures trading volume hitting a historical low. Approximately 20% of positions are set to expire at the end of May, and about 30% at the end of June, with large block trades being relatively inactive.Adam @Greeks.live indicated that in the second quarter of this year, Bitcoin performed well in terms of both price and hype, but the overall market sentiment remains subdued. Currently, focusing primarily on Bitcoin and laying out some medium-to-long-term options seems reasonable, while positioning in some high-quality altcoins also appears to offer good value.
Greeks.live: Altcoin Market Sees Limited Recovery; Altcoin Trading Still Requires Patience
Adam, a macro researcher at Greeks.live, posted on platform X that on May 1st, a total of 23,000 BTC options expired, with a Put Call Ratio of 1.13, a max pain point of $76,000, and a notional value of $1.74 billion. Additionally, 175,000 ETH options expired, with a Put Call Ratio of 0.94, a max pain point of $2,325, and a notional value of $400 million.He pointed out that market volatility was relatively low this week, with Bitcoin fluctuating around the $78,000 level. Market sentiment has gradually calmed, short-term RV has dropped significantly, and combined with the monthly expiry releasing nearly a quarter of position margins, the implied volatility (IV) for major-term options has decreased notably this week. The IV for Bitcoin's main tenors has all fallen below 40%, while the decline in ETH's main tenors was even larger, with short-term IV dropping below 50% and medium-to-long-term IV falling below 60%.Looking at the key options data, Skew remains relatively stable, maintaining a mildly bearish directional sentiment in the market. Only 6% of options expired this week, with approximately 25% of open interest expiring at the end of May and about 30% at the end of June. Block trades are relatively inactive, all signaling a period of consolidation.He further stated that in April of this year, Bitcoin significantly outperformed the first three months in terms of both price and market attention. However, altcoins have shown only limited recovery. The current strategy is primarily centered on Bitcoin, and one should wait before engaging in altcoin trading.