September 11 Options Expiration Data 29,000 BTC options expired, with a put-call ratio of 0.6, a maximum pain point of $78,000, and a notional value of $2.24 billion. 114,000 ETH options expired, with a put-call ratio of 1.17, a maximum pain point of $2,450, and a notional value of $280 million. Bitcoin continues to consolidate around $80,000. After a three-day rally in late last month that pushed it to $80,000, it has been trading sideways for nearly three weeks now. As expected, Bitcoin’s price swings are completed in a very short period, followed by a prolonged sideways consolidation. Monthly realized volatility (RV) remained unchanged from last week, while monthly implied volatility (IV) rose slightly, and VRP across most maturities saw widespread increases. Looking at other key options data, 7% of options expired this week. Open interest for BTC and ETH declined slightly compared to last week, and overall trading volume also saw a moderate pullback. The Gex on the upside continues to converge, with call selling positions gradually accumulating above $78,000; $80,000 remains the peak. On the downside, the Gex is also beginning to cluster around $77,000, marking an end to the previously completely dispersed pattern. After a 10-month bear market, the gains for major cryptocurrencies in this bull run were primarily concentrated in a single week last month. However, during the pullback, some concept coins and meme coins showed signs of recovery, which is a positive signal. 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 out-of-the-money implied volatility (IV) currently low, it is still worth making some directional buys.(Greeks.live)