The latest expiry event involved 19,000 Bitcoin options and 123,000 Ethereum contracts, representing a combined notional value of approximately $1.43 billion. Despite the volume, the event accounted for only 5% of outstanding options, leaving spot-market prices largely unmoved. Bitcoin continued to hover within its established corridor of $60,000 to $65,000, mirroring a broader trend of subdued volatility that has persisted for several weeks.
Data from Greeks.live highlights a stark divergence between the two assets. Bitcoin gamma exposure remains concentrated between $64,000 and $70,000, suggesting where market participants expect the next decisive move. Conversely, Ethereum’s put-call ratio of 1.61 reveals a sustained demand for downside protection. This ratio has stayed above 1 for a full month, indicating that bearish sentiment currently outweighs bullish positioning. Although Greeks.live observed an uptick in short-term bullish block trades, the overall derivatives landscape remains defined by cautious hedging rather than aggressive speculation.
Comments (0)
No comments yet. Be the first!