August 21 Options Data 24,000 BTC options expired, with a put-call ratio of 0.84, a maximum pain point of $67,000, and a notional value of $1.82 billion. 149,000 ETH options expired, with a put-call ratio of 0.84, a maximum pain point of $2,000, and a notional value of $360 million. Bitcoin surged significantly this week, breaking through the 76K level and breaking out of two sideways price ranges this year. This was one of the few expiration dates this year where the settlement price exceeded the maximum pain point. Monthly realized volatility (RV) jumped 20% to 53%, while monthly implied volatility (IV) rose only 6%; currently, VRP has dropped sharply. Looking at other key options metrics, 6% of options expired this week. Open interest rebounded but remains at low levels, while trading volume surged significantly. The rapid pace of the rally and the sharp increase in trading activity have caused Gex in the call direction to be highly dispersed, while Gex in the put direction is virtually negligible—the market is in a state of widespread long positions. After a 10-month bear market, cryptocurrencies have finally seen a substantial rally, and market sentiment is extremely optimistic—one could say a single bullish candle has shifted market sentiment. Currently, monthly out-of-the-money IV remains low, making it worthwhile to make some directional buys.(Greeks.live)