BTC and ETH Options Worth $2.5B Expire as Bitcoin Falls Below $60,000 and Ethereum Drops Under $1,750

Greeks.live reported on Feb. 6 that 33,000 BTC options expired with a Put Call Ratio of 0.54, a max pain point at $80,000 and a notional value of $2.1B, while 219,000 ETH options expired with a Put Call Ratio of 0.91, a max pain point at $2,400 and a notional value of $420M. Around 10% of total open interest, close to $2.6B in options, expired as BTC briefly fell below $60,000 and ETH temporarily dropped under $1,750, with put options overwhelmingly dominant and the fear index once touching 5%. Implied volatility for major BTC option tenors exceeded 60% with several short-term at-the-money IV levels above 110%, while ETH major tenors were near 80% with multiple short-term at-the-money IV readings above 120%, all around the highest levels in more than a year. Block volumes and the share of put options remained high this week, with market makers actively absorbing put demand and short-lived dip-buying flows overtaken by the ongoing price decline, Greeks.live added.