September 4 Options Data 29,600 BTC options expired, with a put-call ratio of 0.65, a maximum pain point of $73,000, and a notional value of $2.39 billion. 139,000 ETH options expired, with a put-call ratio of 0.9, a maximum pain point of $2,400, and a notional value of $350 million. After a sharp rally two weeks ago, Bitcoin has continued to consolidate around the $80,000 level, often experiencing rapid short-term gains followed by a slow sideways decline, in a recurring cycle. Monthly realized volatility (RV) continued to rise compared to last week, reaching 40%, while monthly implied volatility (IV) turned downward to 36%. The 15-day VRP briefly fell to -16% yesterday but has since rebounded to -6%, though it remains significantly lower than last month’s high of 15%. Looking at other key options metrics, 7% of options expired this week. BTC open interest rose, while ETH open interest declined slightly, and overall trading volume surged significantly. The Gex for call options has gradually converged from a dispersed state, with positions selling calls above $80,000 gradually clustering; the Gex for put options is virtually negligible. After a 10-month bear market, the current bull run has lasted nearly three weeks. The brief lull in the U.S. stock market has also provided the crypto market with a window to catch its breath. Market sentiment is very optimistic, and with monthly implied volatility (IV) currently low, it remains worthwhile to make some directional buys.(Greeks.live)