According to a recent tweet from Greeks.live, several Bitcoin (BTC) and Ethereum (ETH) options are scheduled to expire as we go into the month of June.
According to the data, 22,000 Bitcoin options with a put-call ratio of 0.71, a maximum pain point of $27,000, and a notional value of $590 million are scheduled to expire.
A startling 131,000 ETH options with a put-call ratio of 1, a maximum pain point of $1,850, and a notional value of $2.45 million are also about to expire.
This big options expiry coincides with a fresh record low for implied volatility (IV) across all key terms. An ultra-low level of 30% is getting closer for ultra-short-term IV.
This suggests reduced price volatility and market risk, suggesting that market players are preparing for a potential period of low volatility on the cryptocurrency market.
Also, according to Greeks.live’s data, there are now much more negative option holdings.
This pattern shows that traders in the options market are becoming less optimistic about the near-term potential of both Bitcoin and Ethereum.
Market mood is likely to be muted in the absence of any significant inflows of capital or breaking news that might spark positive momentum.
