Greeks.live: Options worth over $10 billion will be delivered today, with significant market volatility but no noticeable increase in the implied volatility of major cryptocurrencies

ChainCatcher message, Greeks.live macro researcher Adam posted on social media that 107,000 BTC options are expiring, with a Put Call Ratio of 0.5, a maximum pain point of $57,000, and a notional value of $6.6 billion. 1.04 million ETH options are expiring, with a Put Call Ratio of 0.59, a maximum pain point of $3,100, and a notional value of $3.6 billion.

Today is the quarterly settlement, with over $10 billion in notional value of options expiring. June has been a tough month for the crypto market, with BTC and ETH prices once approaching maximum pain points that investors deemed impossible to reach, leading to a relatively pessimistic market atmosphere.

Despite the significant market volatility, the implied volatility (IV) of major cryptocurrencies has not shown a notable increase. The IV for BTC across major maturities is below 50%, and the IV for ETH across major maturities is below 60%, both at relatively low levels. At the beginning of next month, there will be clearer news regarding the ETH ETF. After today's settlement is completed, IV will face strong downward pressure for a few days, making it a highly cost-effective choice to buy some call options while IV is low.