July 31 Options Data 149,000 BTC options expired, with a put-call ratio of 0.28, a maximum strike price of $64,000, and a notional value of $9.6 billion. 435,000 ETH options expired, with a put-call ratio of 0.63, a maximum strike price of $1,850, and a notional value of $830 million. Bitcoin has been fluctuating around $64K this week. As mentioned last week, the price range above $65K represents a zone of heavy trading volume from the rally earlier this year, creating some resistance. U.S. stock markets experienced sharp volatility this week, but we can see that even as U.S. stocks fell, capital did not flow into crypto, and rebounds did not drive crypto prices higher. Currently, there is little capital inflow into crypto; trading volume for some crypto-related U.S. stock products has even exceeded that of many crypto assets, indicating that the conditions for a rally are not in place. Looking at key options data, 30% of options expire this week. The Gex for call options is relatively dispersed, while that for put options is relatively concentrated. Bitcoin’s PCR for this month is only 0.26, and put option open interest is extremely low, whereas Ethereum’s put open interest has remained relatively high. Overall implied volatility (IV) has remained at a low level for a quarter now; in Q3, we can watch for a rebound when capital inflows occur. Cryptocurrencies have already endured an eight-month bear market, and the dominant trading momentum in the U.S. stock market has overshadowed other assets. In the short term, it would be better to sell some options and shift the primary focus of trading to the U.S. stock market.(Greeks.live)