【July 18 Options Settlement Data】

41,000 BTC options expired, Put Call Ratio at 0.78, maximum pain point at $114,000, notional value of $4.93 billion.

240,000 ETH options expired, Put Call Ratio at 1.0, maximum pain point at $2,950, notional value of $880 million.

ETH takes over the bull market, breaking through $3,650, while Bitcoin oscillates around its historic high of $120,000, with market sentiment shifting significantly towards optimism. ETH has driven the entire altcoin market to recover, with a monotonous upward trend and no corrections greatly encouraging market participants.

This week, nearly $6 billion in options expired, accounting for more than 10% of the current total open interest.

From the main options data, in terms of implied volatility, BTC's IV has slightly rebounded, with main term IV consistently maintained at 40%, while ETH's IV has surged significantly, reaching 70% for main terms. However, both ETH's upward and downward movements have considerable space, and sellers have not yet found the right entry point.

In the past two weeks, there have been many large bullish trades, with more than 30% of daily transactions being large bullish trades on Bitcoin. The options market has begun to show some FOMO sentiment, and institutional investors are also becoming restless.