January 9 Options Expiration Data 21,000 BTC options expired with a Put-Call Ratio of 1.07, maximum pain point at $90,000, and notional value of $1.9 billion. 126,000 ETH options expired with a Put-Call Ratio of 0.88, maximum pain point at $3,100, and notional value of $390 million. The post-annual settlement rebound experienced a pullback this week. This week featured a relatively minor options expiration, with nearly $2.4 billion in options expiring, accounting for only 7% of total open interest. The downward trend in Bitcoin and Ethereum prices has recently eased. The sharp declines in Q4 last year created significant negative sentiment. Currently, both BTC's $90,000 psychological level and ETH's $3,000 psychological level show strong support, with market sentiment also improving. Key options metrics show BTC implied volatility (IV) remains stable compared to pre-Christmas levels, while ETH IV has declined. BTC's main-term IV averages around 40%, and ETH's main-term IV stands at 55%. This week's options block trading volume and transaction share remain elevated, primarily driven by new position-building demand. Block trades accounted for over 70% of total volume today, marking the highest level in recent months. Market makers and active traders currently hold substantial cash reserves and exhibit strong trading intent, primarily positioning for BTC month-end call options and ETH month-end put options.(Greeks.live)