Recent analysis by Greeks.live macro researcher Adam highlights pivotal changes in the cryptocurrency options market. Approximately 98,000 Bitcoin (BTC) options are scheduled to expire, showcasing a put-call ratio of 0.84 and a maximum pain point at $80,000, totaling a nominal value of $9.48 billion.
Moreover, 412,000 Ethereum (ETH) options will also expire, with a put-call ratio of 0.75 and a maximum pain point at $2,900, which amounts to a nominal value of $1.47 billion. Bitcoin's pursuit of reaching $100,000 has encountered notable resistance, while Ethereum is making strides in the market this week, giving altcoins a chance to experience a rebound.
The risks linked to Bitcoin's diminishing rally have been mitigated by Ethereum, which continues to bolster the bullish momentum of the spot market. Over 20% of current positions are set to expire this week, and given the convergence of the upcoming monthly cycle with the year-end options expiry, 40% of positions will see expiration.
This situation is poised to impact implied volatility amidst considerable shifts in positions and the overarching dynamics of the Christmas market..