ChainCatcher news, Greeks.live macro researcher Adam published an analysis pointing out that 98,000 BTC options are expiring, with a Put Call Ratio of 0.84, the maximum pain point at $80,000, and a nominal value of $9.48 billion; 412,000 ETH options are expiring, with a Put Call Ratio of 0.75, the maximum pain point at $2,900, and a nominal value of $1.47 billion.Bitcoin's attempt to break through $100,000 is hindered, while ETH leads the market this week, with a rebound in altcoin rotation. The potential risks from the end of BTC's rally may be absorbed by ETH, and the bullish strength in the spot bull market remains robust.This week, over 20% of positions are expiring, and next month will see the year-end options, at which point 40% of positions will expire. A large amount of position shifting and the Christmas market will put pressure on implied volatility. The market atmosphere is currently very optimistic, with institutions concerned about replicating the end-of-year rally from 2020, making the options market appear more cautious.

ChainCatcher news, Greeks.live macro researcher Adam tweeted that 37,000 BTC options are expiring, with a Put Call Ratio of 0.58, and the maximum pain point at $66,000, with a nominal value of $2.4 billion.180,000 ETH options are expiring, with a Put Call Ratio of 0.55, and the maximum pain point at $3,300, with a nominal value of $600 million.The cryptocurrency market has been relatively weak this week, with the ETH ETF launch as expected causing a drop in ETH, and overall market funds flowing out. Several important events have landed smoothly, with significant declines in major term implied volatility (IV), and Dvol has fallen to its lowest level of the year, indicating low market expectations for the future.U.S. stocks have performed poorly recently, and there have been no favorable factors to support the market in August so far; the market may have to wait another month or two.

ChainCatcher news, Greeks.live macro researcher Adam posted on social media that 18,000 BTC options are expiring, with a Put Call Ratio of 0.67, a maximum pain point of $70,000, and a nominal value of $1.25 billion. 260,000 ETH options are expiring, with a Put Call Ratio of 0.64, a maximum pain point of $3,650, and a nominal value of $1 billion.Adam stated that this week the Bank of Canada and the European Central Bank initiated interest rate cuts, leading to a good performance in the entire venture capital market. The crypto market is now driven by both BTC ETF and ETH ETF, with a clear divergence in macro and news factors, creating a relatively optimistic market atmosphere.Currently, the implied volatility (IV) for major BTC maturities is around 50%, and for major ETH maturities, it is around 55%, both having fallen to reasonable levels. The cross-currency IV spread strategy of selling ETH and buying BTC mentioned last week can now be profitably closed. This month, BTC's market trend is likely to be strongly correlated with the macro news of the Federal Reserve's interest rate cuts, while ETH's movement is mainly influenced by news regarding ETF approvals.

ChainCatcher message, according to Deribit data, the nominal value of 1.22 billion USD BTC options will expire tomorrow, with a Put Call Ratio of 0.65 and a maximum pain point of 69,000 USD.The nominal value of 980 million USD ETH options will expire tomorrow, with a Put Call Ratio of 0.65 and a maximum pain point of 3,650 USD.

ChainCatcher news, Greeks.live macro researcher Adam posted on the X platform that 21,000 BTC options are about to expire, with a Put Call Ratio of 0.88, a maximum pain point of $67,000, and a nominal value of $1.4 billion. 350,000 ETH options are about to expire, with a Put Call Ratio of 0.58, a maximum pain point of $3,200, and a nominal value of $1.3 billion.ETH has taken over the rise from BTC, spurred by ETF developments, experiencing a single-day increase of 20%, with short-term options IV reaching 150%, far exceeding the current IV of BTC. Now, the divergence between BTC and ETH is evident. From the perspective of block trades and market trading structure, bullish sentiment for ETH remains strong, but maintaining high IV across major maturities is challenging; calendar spreads may be a better choice. In contrast, BTC shows a more balanced long and short position, with stronger selling pressure on calls.

ChainCatcher message, Greeks.live macro researcher Adam posted the options expiration data for December 15 on social media:37,000 BTC options are about to expire, with a Put Call Ratio of 1.02, maximum pain point at $42,000, and a notional value of $1.58 billion.268,000 ETH options are about to expire, with a Put Call Ratio of 0.66, maximum pain point at $2,250, and a notional value of $610 million.This week, cryptocurrencies experienced a pullback, especially BTC, which once fell to $40,000, leading to a large volume of protective options trades, resulting in this week's Put positions exceeding Call positions.From the options data, we can see that major trading is still concentrated in BTC options, and the implied volatility IV of options has been very stable for nearly a month, with large-scale position transfers still ongoing.