As we enter the month of June, a significant number of Bitcoin (BTC) and Ethereum (ETH) options are set to expire, according to a recent tweet by Greeks.live.
The data indicates that 22,000 BTC options are set to reach their expiry with a put-call ratio of 0.71, a max pain point of $27,000 and a notional value of $590 million.
Meanwhile, a staggering 131,000 ETH options are also nearing expiration, sporting a put-call ratio of 1.00, a max pain point of $1,850 and a notional value of $2.45 million.
This considerable options expiry comes as implied volatility (IV) for all major terms hits a new all-time low. Ultra-short-term IV is closing in on an ultra-low level of 30%.This is indicative of decreased price fluctuation and market risk, implying that the market participants are bracing themselves for a possible low volatility phase on the crypto market.
On another note, Greeks.live's analysis suggests that the proportion of bearish options positions has increased significantly.
Absent any major funds inflows or hot news to stimulate bullish momentum, market sentiment is likely to remain subdued.