Analysis: This week, the implied volatility of Bitcoin and Ethereum has increased, the downward price trend has eased, but market confidence remains insufficient.
According to Odaily, Greeks.live posted an analysis on X, stating that 116,000 BTC options are expiring, with a Put Call Ratio of 0.76, a max pain point at $75,000, and a notional value of $7.9 billions.
206,000 ETH options are expiring, with a Put Call Ratio of 0.77, a max pain point at $2,200, and a notional value of $980 millions.
The crypto market remains sluggish. At the beginning of February, Bitcoin once fell below the $60,000 mark, and the entire market in February has been weakly fluctuating above $60,000.
Tomorrow, options accounting for 20% of total open interest will expire, totaling nearly $9 billions, with Bitcoin's open interest reaching its highest level in recent years. Thanks to the rebound in the past two days, the implied volatility of both Bitcoin and Ethereum has increased this week, with BTC's main term IV at 47% and ETH's main term IV at 65%. The downward price trend has eased, but market confidence remains insufficient.
In terms of trading, large-scale call options dominate. After yesterday's rebound, a large number of medium- and long-term call options were traded. Looking at the main options data, Skew has also fully rebounded, indicating the emergence of bottom-fishing forces in the market.
The market is still in a bear phase. Currently, there is neither new capital entering the crypto space nor any obvious hot topics. Pessimistic sentiment is prevalent on social media, and the bottom may not have arrived yet.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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