【January 9th Options Expiration Data】

21,000 BTC options expiring, Put Call Ratio of 1.07, max pain at $90,000, notional value of $1.9 billion.
126,000 ETH options expiring, Put Call Ratio of 0.88, max pain at $3,100, notional value of $390 million.
The rebound rally following the year-end expiration encountered a pullback this week. This week 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 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 somewhat.
From major options data, BTC implied volatility remains flat compared to before the Christmas holiday, while ETH has declined somewhat. BTC's main term IV averages around 40%, while ETH's main term IV is at 55%.
This week's options block trading volume and trading proportion remain relatively high, primarily driven by new position building demand. Today's block trades accounted for over 70% of total trading volume, the highest level in recent months. Currently, market makers and active traders hold substantial cash positions with strong willingness to trade, mainly positioning BTC end-of-month calls and ETH end-of-month puts.