September 4 Options Expiry Data

29,600 BTC options expired, with a Put Call Ratio of 0.65, max pain at $73,000, and a nominal value of $2.39 billion. 139,000 ETH options expired, with a Put Call Ratio of 0.9, max pain at $2,400, and a nominal value of $350 million. Bitcoin has been consolidating near $80,000 after a sharp rally two weeks ago, often experiencing quick surges followed by slow sideways declines—a repetitive cycle. Monthly realized volatility (RV) continued to rise compared to last week, reaching 40%, while monthly implied volatility (IV) dropped to 36%. The 15-day VRP briefly fell to -16% yesterday but has since rebounded to -6%, still significantly lower than last month's peak of 15%. Looking at other major options data, 7% of options are set to expire this week. BTC open interest has increased, while ETH open interest has slightly declined. Overall trading activity has surged significantly. Bullish Gex is gradually converging from a dispersed state, with Call selling positions gathering above $80,000. Bearish Gex is almost negligible. After 10 months of a crypto bear market, this bull run has lasted nearly three weeks. The brief calm in U.S. equities has also provided a window of relief for the crypto market. Sentiment is highly optimistic, and with monthly out-of-the-money IV still relatively low, it’s worth considering some directional buying opportunities.