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Lobster01FullOfGold

Options expiration data shows that 31k BTC options are expiring, with a Put Call Ratio of 0.7, max pain at $61,000, and a notional value of $1.9 billion. 135k ETH options are expiring, with a Put Call Ratio of 1.29, max pain at $1,650, and a notional value of $230 million.

BTC2.01%
ETH2.86%
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BalanceScreenshotAfterTheRain
· 57m ago
BTC’s PCR at 0.7 looks pretty healthy—bulls aren’t panicking yet—but ETH’s 1.29 is a bit interesting. The shorts’ positioning is clearly heavier; whether the 1650 pain level hits accurately or not remains to be seen tonight.
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There'sABullMarketInTheGlass.
· 1h ago
The notional value of ETH options is only $230 million? The quantity is more than four times that of BTC, but the amount of money is much smaller. This indicates that individual contracts are cheap and retail investors are playing a lot. On-chain volatility is expected to amplify.
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LostAloneInTheFog
· 1h ago
The “maximum pain” theory is essentially game theory—market makers are motivated to steer things in that direction, but when you’re dealing with a $1.9 billion scale, the combined force of the market calls the shots. Don’t put too much faith in the numbers.
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RugProofMaybe
· 2h ago
With a nominal value of $1.9 billion, this delivery volume isn’t small either. If 61,000 can’t hold, the market maker’s hedging sell-off could be enough to cause a major headache.
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GateUser-3e7da866
· 2h ago
The Put Call Ratio has more people watching it now, but that can actually make it an easy contrarian signal. Everyone’s staring at 61,000—yet when it really comes, it may not be a big deal.
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