October 16 Options Expiration Data 18,000 BTC options contracts expired, with a put-call ratio of 1, a maximum strike price of $83,000, and a notional value of $1.47 billion. On today’s expiration date, 4.5% of Bitcoin options positions expired. This week, U.S. stocks experienced a sharp pullback due to poor macroeconomic data, and cryptocurrencies largely followed suit, resulting in a relatively weak market. Looking at key options data, implied volatility (IV) is currently at a low level; with 35% representing a floor with little room for further decline, market expectations for future price volatility have reached an extremely low level. Although the market performed well this summer, high IV has yet to emerge in the major option markets, as buyers remain very cautious and are unwilling to pay a premium to take on risk. Gex has gradually converged around the 90K mark, while put options at the 80K level have also begun to accumulate some gamma. Cryptocurrencies staged a solid rebound this summer, marking a two-month mini-bull market. As mentioned last week, given the low monthly out-of-the-money IV, it was still worth establishing some put-side protection; with the market having experienced a certain degree of decline this week, it remains worthwhile to continue rolling these positions.