August 7 Option Data 32,000 BTC options expired, with a put-call ratio of 0.26, a maximum strike price of $64,000, and a notional value of $2.06 billion. 177,000 ETH options expired, with a put-call ratio of 0.77, a maximum strike price of $1,900, and a notional value of $340 million. Bitcoin continued to fluctuate around the 64K level this week. It has been trading within this range for over two months since May, and there was also a prolonged sideways consolidation from February to April this year, followed by a 30% price surge. The price range above 65K represents a zone of heavy trading volume from the rally earlier this year. With the focus shifting away from crypto, speculative capital is unlikely to flow into the market, and the direction may well be downward. Looking at key options data, 9% of options expire this week—a significant proportion. There has been substantial new positioning in out-of-the-money calls, which has led to relatively dispersed GEX. Put positions are scarce, and GEX for downside scenarios is relatively concentrated. Bitcoin’s PCR remains at a low of 0.26, and put option open interest is extremely low. Cryptocurrencies have already endured a nine-month bear market, and overall implied volatility (IV) has remained at low levels for a full quarter. If there are no capital inflows in Q3, the market may face the risk of even larger potential crises.(Greeks.live)