Svmuu News: [email protected], a macro researcher at Greeks.live, posted on X that data on the July 24 options expiration shows 19,000 BTC options expired, with a put-call ratio of 0.89,with the largest pain point at $64,500 and a notional value of $1.2 billion; 125,000 ETH options expired, with a put-call ratio of 1.25, a largest pain point at $1,875, and a notional value of $230 million.
BitcoinThe price briefly broke through $66,000 this week, but the rally has been challenging; the range between $80,000 and $65,000 represents a zone of heavy trading volume from the rally earlier this year. He noted that the key factor remains observing when capital will flow into the crypto sector.In the U.S. stock market, SpaceX continued to fall sharply, while the storage sector experienced significant volatility.
Looking at key options data, 4% of options expired this week, with various expiration metrics showing virtually no change from last week. The market remained choppy with limited volatility, offering few trading opportunities, and overall implied volatility (IV) retreated to the 35% level.BTC’s GEX distribution is concentrated around $65,000 and $72,000, while ETH’s GEX distribution is concentrated between $1,900 and $2,200. The distribution is more dispersed than last week, and in the past two weeks, a growing number of traders have begun using shallow out-of-the-money options to attempt to buy the dip.
This week, ETH’s Put-Call Ratio fell to 1.29, but the proportion of put options has remained above 1 for six consecutive weeks—the longest such streak on record. This indicates strong market demand for put options, while traders selling puts to buy the dip are also willing to participate.Cryptocurrencies have endured an eight-month bear market with few trading opportunities; from a cyclical perspective, some rebound is expected in the second half of the year.