$2.08 billion BTC options expire today! Biggest pain point $98,000, market bets low volatility to continue

On February 14th, Greeks.live data showed that 21,000 BTC options with a nominal value of $2.08 billion will be settled today. The maximum pain point price is $98,000, and the current Bitcoin price continues to fluctuate below this key level. The market Put Call Ratio (put/bullish ratio) is 0.67, reflecting a higher proportion of bullish contracts. However, major option holders continue to sell short-term bullish options, coupled with implied volatility (IV) falling to the lowest level in nearly 12 months. Institutions generally believe that the market has entered a low volatility "garbage time".

 

Large BTC related transactions occurred simultaneously on the chain. Today, the Trump family crypto project WLFI was monitored to have spent 5 million USDC to purchase 52 WBTC, or for safe-haven configuration. In addition, the project also exchanged $5.93 million worth of ETH for stETH pledge, and deposited 5 million USDC into Aave V3 for mortgage lending. The total daily on-chain operation exceeded $17 million.

 

Some institutions pointed out that after BTC broke the 100,000 dollar mark, the long and short game slowed down, the trading volume of derivatives shrank, the short-term market lacked directional signals, and investors' expectations of sharp rises and falls cooled down synchronously.