Data: $4.68 billion in BTC and ETH options will expire today, with maximum pain points of $105,000 and $3,475 respectively

Greeks.live macro analyst Adam posted on social media, "41,000 BTC options are expiring, the Put Call Ratio is 0.61, the maximum pain point is $105,000, with a nominal value of $3.95 billion. 228,000 ETH options are expiring, the Put Call Ratio is 0.59, the maximum pain point is $3,475, with a nominal value of $730 million. Both Bitcoin and Ethereum prices continue to decline, with BTC having fallen below the $100,000 mark and showing no significant signs of rebound. ETH has recorded three consecutive monthly declines, and market sentiment is shifting from neutral to negative.

From the main options data, implied volatility has fully rebounded, with BTC's medium to short-term IV close to 50%, averaging around 45%. ETH's main term IV is also well above 70%, with medium to short-term IV approaching 100%, indicating a continued increase in volatility expectations. The trading volume and proportion of Bitcoin put options are continuously rising, with the current trading proportion at 30% being the norm; hedging is now the primary goal. The fourth quarter market this year can be said to be the worst in history, with significant market divergence due to macro uncertainties and other factors, making leveraged operations inadvisable."