October 9 Options Data 22,000 BTC options expired, with a put-call ratio of 1.12, a maximum pain point of $84,000, and a notional value of $1.84 billion. 123,000 ETH options expired, with a put-call ratio of 0.71, a maximum pain point of $2,650, and a notional value of $320 million. Tomorrow’s expiration date will see 6% of Bitcoin options open interest and 9% of Ethereum options open interest expire. The market has been correcting for most of this week, so we must wait for BTC to choose a direction. Historically, the first wave of a bear market involves trading time for space, with frequent security incidents and exit scams occurring in the interim. The market typically consolidates at the bottom for a relatively long period before a new trend begins. Looking at key options data, implied volatility (IV) is currently at a low level, indicating that the market expects low volatility in future price movements. Although there have been two relatively large, rapid rallies this year, IV for options with major maturities has continued to decline. Market buyers are being very cautious and are unwilling to pay a premium to place bets. The structure on Gex is quite interesting: Gex is converging at the three round numbers of 90K, 95K, and 100K, but there isn’t much accumulation at 80K and 85K, which are close to the expiration price. Cryptocurrencies staged a solid rebound over the summer. During this mini-bull market—which has lasted over a month—major coins have seen two sharp rallies, and market sentiment has improved significantly. This is a positive sign, and it’s worth holding onto the spot positions of several coins. Currently, monthly out-of-the-money IV is not high, so it’s still worth implementing some directional put protection.