Summary
- About $17 billion worth of Bitcoin and Ethereum option contracts have expired, resulting in the settlement of more than 30% of the total open interest.
- There were more call options than put options, and the maximum pain points for Bitcoin and Ethereum were reported as $102,000 and $2,200, respectively.
- Ethereum’s implied volatility remains close to a high level of 65%, indicating that the market expects Ethereum’s price to be more volatile than Bitcoin’s.
A large batch of Bitcoin (BTC) and Ethereum (ETH) options contracts have expired, settling about 30% of the total open interest (OI).
On the 27th (local time), on-chain data analytics platform Greeks.live announced via X (formerly Twitter) that “Today marks the settlement date for Bitcoin and Ethereum first-half options, with over 30% of the total OI expiring.”
A total of 139,000 Bitcoin options expired on this day, representing a notional value of about $15 billion (approx. ₩20.35 trillion). The put-call ratio stood at 0.75, indicating more call option contracts, and the maximum pain point for the options buyers (call/put) was calculated at $102,000.
On the same day, 939,000 Ethereum options expired, with a notional value of about $2.29 billion (approx. ₩3.1 trillion). The put-call ratio was 0.52, again showing dominance of call options, and the maximum pain point was $2,200. Generally, coin prices have a tendency to move toward the “maximum pain” price, where the most options contracts are settled.
Meanwhile, the short- and mid-term implied volatility (IV) of Bitcoin remains generally below 35%, while Ethereum’s IV, though slightly decreased, is still close to a high level of 65%. This reflects the market’s expectation that Ethereum price volatility will remain higher than that of Bitcoin.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
