Greeks.live: Options Data Shows Market Sentiment is Optimistic, but Short-term Caution Remains

Greeks.live analyst Adam posted on social media, "May 16 options expiration data: 27,000 BTC options expired, Put Call Ratio is 1.03, max pain point is $100,000, nominal value is $2.76 billion. 220,000 ETH options expired, Put Call Ratio is 1.36, max pain point is $2,300, nominal value is $570 million.

This week's Bitcoin expiration data is almost identical to last week's, and Ethereum is similar except for price factors. The current market sentiment is very good, but options data shows that there are still not many mainstream coin holders, and the number of profit-takers is limited. Currently, Bitcoin's short to medium-term RV has fallen below 35%, with medium to long-term around 50%, but the drop in IV is more pronounced, almost all falling below 45%, so the VRP across all terms has actually retreated somewhat.

The expiration volume is less than 9% of the total open interest, and the proportion of put options this month remains high. This phenomenon may not see a significant change until June. The market is relatively optimistic about the upcoming trend, but there are not many people going long on BTC in the short term.