Odaily Planet Daily reported that Greeks.live stated on the X platform that 38,000 BTC options have been delivered, with a Put-Call Ratio of 0.71, the maximum pain point at $74,000, and a nominal value of $2.5 billion. 215,000 ETH options have been delivered, with a Put-Call Ratio of 0.82, the maximum pain point at $2,100, and a nominal value of $410 million.
The cryptocurrency market continues to decline, with the maximum pain point dropping rapidly. Today's delivered options account for 9% of the total open interest, with a total value of nearly $2.9 billion. This week, the implied volatility of Bitcoin and Ethereum has decreased, with BTC's main term IV dropping to 50% and ETH to 70%. Although the price decline trend has slowed, market confidence remains weak.
From trading activity, bearish options dominate. After another market decline yesterday, a small amount of bottom-fishing behavior has begun to appear. Key options indicators show that the Skew is rebounding, and the proportion of bullish options in block trades is increasing.
The market is still in a bearish phase, but the most intense decline phase has ended. The current cryptocurrency market lacks incremental funds, and it is too early to discuss a bull market or a significant rebound.
