Nominal value of approximately $2.16 billion in BTC and ETH options will expire tomorrow, with max pain at $84,000 and $2,650 respectively.

October 8 — Data released by Greeks.live shows that on October 9, approximately 22,000 BTC options will expire, with a Put/Call Ratio of 1.12, a max pain point of $84,000, and a notional value of about $1.84 billion; at the same time, 123,000 ETH options will expire, with a Put/Call Ratio of 0.71, a max pain point of $2,650, and a notional value of about $320 million. The combined notional value of the two is about $2.16 billion.

Greeks.live stated that this expiry will account for about 6% and 9% of BTC and ETH options open interest, respectively. The market has been in a correction state for most of this week, and BTC still needs to wait for a direction choice. At present, option implied volatility (IV) is at a low level, indicating that the market expects lower future price fluctuations, and buyers are also more cautious, unwilling to pay a higher premium for directional bets.

From the perspective of the GEX structure, there is obvious concentration near the three round-number levels of $90,000, $95,000, and $100,000, while there is less accumulation near $80,000 and $85,000, which are close to the expiry price. Greeks.live believes that after more than a month of rebound in the crypto market, market sentiment has improved significantly, and spot positions are still worth keeping; because the current monthly out-of-the-money option IV is not high, investors can still consider allocating directional put options for protection.