Greeks.live: 22,000 BTC and 123,000 ETH options expire tomorrow, IV at low levels as market direction remains undetermined.

On October 8, data from Adam@Greeks.live shows 22,000 BTC options expiring on October 9, with a Put/Call Ratio of 1.12, max pain at $84,000, and a notional value of $1.84 billion; 123,000 ETH options will expire, with a Put/Call Ratio of 0.71, max pain at $2,650, and a notional value of $320 million. Currently, 6% of BTC options positions and 9% of ETH options positions are set to settle tomorrow.

From a market structure perspective, implied volatility (IV) is currently at low levels, reflecting cautious buyer sentiment. Gamma exposure (Gex) is primarily concentrated around the round numbers 90K, 95K, and 100K. Although major cryptocurrencies experienced two sharp rallies during the crypto summer rebound and market sentiment has improved, analysts indicate that adding bearish directional hedges remains prudent while waiting for BTC to establish a clear trend.