【January 9 Options Expiration Data】

21,000 BTC options expiring, Put Call Ratio of 1.07, maximum pain point at $90,000, notional value of $1.9 billion.
126,000 ETH options expiring, Put Call Ratio of 0.88, maximum pain point at $3,100, notional value of $390 million.
The post-annual expiration rally experienced a pullback this week. This is a relatively small options expiration day, with approximately $2.4 billion in options expiring, representing only 7% of total open interest. The downtrend in Bitcoin and Ethereum prices has eased recently. The sharp decline in Q4 of last year brought very negative sentiment to the market. Currently, BTC's $90,000 round level and ETH's $3,000 round level both have strong support, and market sentiment has improved.
From the main options data, BTC implied volatility remains flat compared to before the Christmas holiday, while ETH has declined somewhat. BTC's main maturity IV averages around 40%, while ETH's main maturity IV is at 55%.
Block trading volume and trading proportion for options this week remain relatively high, mainly driven by new position building demand. Today's block trades accounted for over 70% of total trading volume, the highest level in recent months. Market makers and active traders currently hold significant cash positions with strong trading intentions, primarily focusing on building BTC monthly call spreads and ETH monthly put spreads.