According to BlockBeats, Greeks.live analyst Adam shared insights on social media regarding the options expiry data for April 11. A total of 28,000 BTC options expired with a Put Call Ratio of 0.88, a maximum pain point at $81,500, and a nominal value of $2.26 billion. Additionally, 184,000 ETH options expired with a Put Call Ratio of 0.92, a maximum pain point at $1,700, and a nominal value of $280 million.
The market sentiment this week is notably anxious, influenced by U.S. President Donald Trump's frequent changes in tariff policies, which have heightened risk-averse behavior. The ongoing trade and tariff conflicts are expected to persist, contributing to prolonged market uncertainty and volatility. The options expiry volume accounts for over 10% of total open interest, with the largest holdings in June's quarterly options. April's options holdings are nearly equal to June's, reflecting a consistent market structure with last week, primarily due to subdued sentiment.
BTC's implied volatility (IV) has significantly decreased, maintaining around 50% across various maturities, while ETH's IV remains high, with short to medium-term volatility around 80%. Consequently, selling ETH options in the short term could be advantageous. The cryptocurrency market currently lacks new capital inflows and narratives, leading to low investor sentiment. In this bearish trend, the likelihood of a black swan event increases, making deep out-of-the-money puts a potentially favorable choice.
