Significant Expiry of BTC and ETH Options Amid Market Volatility

On January 30, 91,000 BTC options are set to expire, with a Put Call Ratio of 0.48 and a maximum pain point of $90,000, according to BlockBeats. The nominal value of these options is $7.6 billion. Additionally, 435,000 ETH options will expire today, featuring a Put Call Ratio of 0.68 and a maximum pain point of $3,000, with a nominal value of $1.19 billion. Greeks.live analyst Adam noted that today marks the first monthly expiration following the annual settlement, with options accounting for 25% of total positions expiring, amounting to nearly $9 billion. Bullish options are predominant. Bitcoin and Ethereum prices have entered a sharp downward trend since yesterday, with recent panic resurfacing in the crypto market. The aftermath of last year's fourth-quarter decline continues to affect the market, with BTC's $80,000 level and ETH's $2,500 level providing strong support. Key options data indicate a significant rise in implied volatility for BTC and ETH, with BTC's main term IV averaging around 45% and ETH's main term IV at 60%, both at their highest levels this year. This period sees high bulk trading volume and transaction proportion, primarily driven by the need to shift positions. Market makers and active traders currently hold substantial cash, showing strong transaction willingness, with the greatest demand for bearish defense.