【January 9 Options Expiration Data】

21,000 BTC options are expiring, with a Put Call Ratio of 1.07. The maximum pain point is $90,000, with a notional value of $1.9 billion.
126,000 ETH options are expiring, with a Put Call Ratio of 0.88. The maximum pain point is $3,100, with a notional value of $390 million.
The rebound after the annual expiration has seen a correction this week. This week features relatively small options expiration, with nearly $2.4 billion in options expiring, accounting for only 7% of the total open interest. The recent decline in Bitcoin and Ethereum prices has eased somewhat. The sharp drop in Q4 last year brought very negative sentiment to the market. Currently, the $90,000 round number for BTC and the $3,000 round number for ETH both provide strong support, and market sentiment has improved.
From the main options data, BTC implied volatility has remained flat before the Christmas holiday, while ETH has decreased. The average implied volatility for BTC’s main maturities is around 40%, and for ETH it is around 55%.
The volume and trading share of bulk options transactions in this cycle remain high, mainly driven by new positions. Today, bulk transactions accounted for over 70% of total trading, the highest level in recent months. Currently, market makers and active traders hold ample cash, showing strong willingness to trade, mainly focusing on bullish positions for BTC at month-end and bearish positions for ETH at month-end.