May 15 Options Expiration Data 25,000 BTC options expired, with a put-call ratio of 0.59, maxpain price of $80,000, and a notional value of $2 billion. 274,000 ETH options expired, with a put-call ratio of 0.4, maxpain price of $2,300, and a notional value of $620 million. This week, Bitcoin remained range-bound near $80,000, with clear support levels. The market has entered a quiet phase with low investor interest; only 6% of BTC options expired this week, while 11% of ETH options expired. Implied volatility (IV) for both major-term options has declined slightly compared to last week, while VRP has risen. Bitcoin’s major-term IV hovers around 35%, while ETH’s major-term IV is near 50%, with short-term levels slightly lower. Looking at key options data, Skew metrics have shown a broad, modest decline. Volatility in Skew has been very low over the past month, with market sentiment remaining neutral. Options activity was extremely low this period, with open interest at approximately 20% at the end of May and around 30% at the end of June. In the second quarter of this year, Bitcoin performed well in terms of both price and market sentiment, and the legal and policy environment was relatively favorable. However, coupled with an improving macroeconomic situation, overall market enthusiasm fell short of expectations. Against the backdrop of long-term positive factors, Bitcoin remains a primary trading asset, and it makes sense to position for some long-term options.(Greeks.live)