November 28 Options Expiry Data

143,000 BTC options are expiring, with a Put Call Ratio of 0.51, max pain at $98,000, and a nominal value of $13 billion. 572,000 ETH options are expiring, with a Put Call Ratio of 0.48, max pain at $3,400, and a nominal value of $1.71 billion. Bitcoin and Ethereum prices saw significant drops this month, stabilizing and rebounding only at the end of the month. Currently, BTC is holding steady above the $90,000 mark, while ETH is hovering around $3,000 after three consecutive monthly red candles. Market sentiment has improved significantly compared to last week. Looking at the key options data, implied volatility (IV) has fully recovered compared to last month. BTC’s major term IV averages around 45%, while ETH’s major term IV is below 70%, both at relatively high levels for this year. Around the expiry, large-scale BTC options trading volume and proportion have continued to rise, mainly driven by the need for position adjustments. However, large-scale ETH options trading remains very limited, reflecting different market characteristics. This year’s Q4 performance can be described as the worst in history. Due to macro uncertainties and other factors, there’s significant market divergence, making leveraged operations inadvisable.