Svmuu News, Greeks.live posted on platform X stating that tomorrow will see the largest options expiry of the first quarter this year, with nearly 40% of options facing expiration.
1. Core Expiry Data: BTC Max Pain: Currently anchored at $75,000, which seems unattainable given the current situation. Put/Call Ratio (P/C Ratio): Remains around 0.6, relatively low, indicating lower trading volume for put options, but overall market sentiment remains bearish.
2. Volatility (IV) Warning: An IV Crush is imminent. The front-end implied volatility (Front-end IV) near the expiration date remains firm. However, once the expiry concludes tomorrow, a sharp IV Crush (volatility plummet) is highly likely. Currently, buyers of short-term options are at a significant disadvantage (severe Theta decay), while sellers hold a clear advantage.
3. Whales and Block Trades: Today's block trade data on Deribit shows that Smart Money is aggressively engaging in rolling operations. Many institutions have closed their positions expiring tomorrow and are heavily establishing positions in out-of-the-money call options (OTM Calls) for June and September.