21,000 BTC and 350,000 ETH Options Set to Expire, Market Sentiment Diverges

According to Odaily, Greeks.live has reported that 21,000 BTC options are about to expire, with a bearish to bullish ratio of 0.88 and a maximum pain point of $67,000, representing a nominal value of $1.4 billion. In addition, 350,000 ETH options are also nearing their expiration, with a bearish to bullish ratio of 0.58 and a maximum pain point of $3,200, equating to a nominal value of $1.3 billion. The report also highlighted that ETH has taken over BTC's upward trend, inspired by ETF developments, and has seen a single-day increase of 20%. The short-term options implied volatility (IV) for ETH reached 150% at one point, significantly higher than the current IV for BTC during the same period. The divergence between BTC and ETH is now clear. From the perspective of overall market trading and market structure, the bullish sentiment for ETH remains strong, but it is difficult to maintain high IV at all major maturities, suggesting that calendar spreads may be a better choice. On the other hand, the balance between bulls and bears for BTC is more even, with stronger forces selling call options. This suggests a more balanced market sentiment for BTC, contrasting with the bullish sentiment for ETH.