The crypto market is迎“delivery storm”! This week, nearly $5 billion in BTC and ETH options are set to expire, accounting for 8% of the current total open positions, and the battle between bulls and bears has reached a fever pitch.
Specifically: 34,000 BTC options are expiring, with a nominal value of $3.82 billion, Put Call Ratio 1.3, and the maximum pain point locked at $118,000; 220,000 ETH options follow closely behind, with $950 million in market value pending liquidation, Put Call Ratio 0.82, and maximum pain point at $4,250.
A more critical signal is the skyrocketing implied volatility: BTC's short- to medium-term IV has fully rebounded to over 35%, while ETH's main term IV has surged to 70%, and in the short term even exceeded 80%—the explosion of volatility reflects the market's sharp divergence on the price direction post-delivery.
How will this multi-billion dollar “options battlefield” rewrite the short-term trends of BTC and ETH? The answer may be revealed at the moment of liquidation completion.
