ChainCatcher news, according to Deribit data, options for Bitcoin and Ethereum with a notional value of approximately 2.7 billion USD will expire tomorrow (December 20).Among them, the notional value of Bitcoin options reaches 2.07 billion USD, with a put/call ratio of 0.91 and a maximum pain price at 102,000 USD. The notional value of Ethereum options is 635.9 million USD, with a put/call ratio of 0.49 and a maximum pain price at 3,750 USD.

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, Coinglass data shows that the current notional value of open positions for BTC options across the network is $22.54 billion, and the notional value of open positions for ETH options is $11.43 billion.

ChainCatcher message, Deribit disclosed on social media that approximately $2.13 billion in cryptocurrency options will expire tomorrow, including:The notional value of BTC options is $1.18 billion, with a put/call ratio of 0.61 and a maximum pain point of $62,500;The notional value of ETH options is $950 million, with a put/call ratio of 0.27 and a maximum pain point of $3,000.