October 23 Options Data 16,000 BTC options expiring, with a put-call ratio of 1, a maximum pain point of $82,000, and a notional value of $1.28 billion. 58,000 ETH options expired, with a put-call ratio of 1.24, a maximum pain point of $2,460, and a notional value of $250 million. On tomorrow’s expiration date, less than 4% of Bitcoin options open interest and less than 7% of Ethereum options will expire. This week’s gains were wiped out today, while the pace of the U.S. stock market’s correction has slowed. BTC has not followed the U.S. stock market lower this month, and the $80,000 support level remains strong. We are currently in a consolidation phase at the bottom of the bear market cycle, and it will take time for a new trend to emerge. Looking at key options data, implied volatility (IV) is currently at a relatively low level, stabilizing above 35%, indicating that the market expects low volatility in future price movements. The structure on Gex is relatively dispersed, unlike in the past when it converged around round numbers, suggesting low market consensus. Cryptocurrencies staged a solid rebound over the summer, and market sentiment has improved significantly—a positive sign. However, from a cyclical perspective, the foundations for a major bull market have not yet been laid. Given that monthly out-of-the-money IV remains low, it is still advisable to implement some directional put protection.