Bitcoin·Ethereum options worth $5 billion expire…"Short-term volatility to rebound, medium- to long-term easing expected"

Large-scale options for Bitcoin (BTC) and Ethereum (ETH) expired today. The total value of these expiries amounts to $5 billion.

According to the cryptocurrency options data platform Greeks.live on the 22nd, 34,000 Bitcoin options expired on this day, with a notional value of $3.82 billion. On the same day, 220,000 Ethereum options expired, with a notional value reaching $950 million.

This expiration represents about 8% of total open interest, which is historically a low proportion.

Greeks.live evaluated, "Although BTC and ETH have experienced price corrections near their all-time highs, the overall sentiment in the derivatives market remains optimistic."

They also added, "There is a clear divergence of opinions regarding short-term volatility in the options market," and stated, "Amid frequent large block deals and a mix of buying and selling positions, the outlook for (medium- to long-term) volatility is predominantly for lower levels going forward."

Meanwhile, short-term implied volatility (IV) showed a marked rebound. Bitcoin’s medium- and short-term IV rose above 35% across the board, while Ethereum’s short-term IV exceeded 80%.