Svmuu reported that Adam, a macro researcher at Greeks.live, posted on platform X that on May 1st, a total of 23,000 BTC options expired, with a Put Call Ratio of 1.13, a max pain point of $76,000, and a notional value of $1.74 billion. Additionally, 175,000 ETH options expired, with a Put Call Ratio of 0.94, a max pain point of $2,325, and a notional value of $400 million.
He pointed out that market volatility was relatively low this week, with Bitcoin fluctuating around the $78,000 level. Market sentiment has gradually calmed, short-term RV has dropped significantly, and combined with the monthly expiry releasing nearly a quarter of position margins, the implied volatility (IV) for major-term options has decreased notably this week. The IV for Bitcoin's main tenors has all fallen below 40%, while the decline in ETH's main tenors was even larger, with short-term IV dropping below 50% and medium-to-long-term IV falling below 60%.
Looking at the key options data, Skew remains relatively stable, maintaining a mildly bearish directional sentiment in the market. Only 6% of options expired this week, with approximately 25% of open interest expiring at the end of May and about 30% at the end of June. Block trades are relatively inactive, all signaling a period of consolidation.
He further stated that in April of this year, Bitcoin significantly outperformed the first three months in terms of both price and market attention. However, altcoins have shown only limited recovery. The current strategy is primarily centered on Bitcoin, and one should wait before engaging in altcoin trading.