Odaily reports that approximately $2.8 billion worth of BTC and ETH options will expire this Friday. Of this, about 34,000 BTC options will expire, with a Put/Call Ratio of 0.52, a max pain point of $76,000, and a notional value of approximately $2.48 billion; about 148,000 ETH options will expire, with a Put/Call Ratio of 1.55, a max pain point of $2,200, and a notional value of approximately $300 million.
The research report notes that, affected by the aftermath of the Binance hack incident, periodic net outflows from ETF funds, and US CPI data exceeding expectations, BTC briefly dipped to the $72,700–$73,300 range this week and is currently still trading below the $76,000 max pain point. In terms of positioning structure, BTC call options outstanding dominate, but the put/call ratio on 24-hour trading volume briefly rose to around 1.64, indicating warming short-term hedging and bearish demand; ETH's put/call ratio reached 1.55, reflecting stronger defensive sentiment in the market. The research report believes that before settlement, attention should be paid to whether BTC can recover toward the $76,000 max pain point. Given that the $80,000 resistance is difficult to reclaim quickly, consideration could be given to using monthly out-of-the-money put options or bear spreads for risk protection.
