According to Greekslive, 23,000 BTC options expired, with a Put/Call Ratio of 0.97. The maximum pain point was $62,000, with a notional value of $1.5 billion. 140,000 ETH options expired, with a Put/Call Ratio of 1.26. The maximum pain point was $1,700, with a notional value of $250 million. Bitcoin has been trading in a range above 60K this week, and the market has been quite calm. Based on major options data, 7% of options expire this week. The GEX distribution for BTC and ETH is concentrated at 64K and 1,750, respectively, and both clearly cluster toward calls. The share of large bullish trades has increased noticeably this week, mainly involving the selling of short-term, slightly out-of-the-money call options. Institutions appear to be largely consistent in their view that the market lacks momentum to move higher.

BTC1.04%
ETH2.20%
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PerpPessimist
· 3h ago
GEX is concentrated at 64K—this level is under significant pressure.
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BlackVelvetKeychain
· 10h ago
BTC and ETH’s GEX are both stacked bullish, but institutions are selling Calls—an interesting contrast. We’ll see who’s right by the end of the month.
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PurpleMistColdWallet
· 10h ago
The market is eerily calm, but options data suggests undercurrents are surging—I reduced my position.
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PatchNotePaladin
· 10h ago
Selling short-term shallow out-of-the-money Calls is a typical bearish volatility strategy. If institutions think the market will trade sideways, I trust them.
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YieldTuningFork
· 10h ago
A $1.5 billion nominal value maturity, this week’s volume is 7%—not big, not small. The key is where the funds flow after settlement.
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GateUser-673fb6fa
· 10h ago
Large volume is being sold off; the market is short-term and trading at shallow out-of-the-money with a bullish bias. Institutions also feel there’s no room for further upside—this signal should be taken seriously.
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