BTC and ETH options worth over $13.9 billion expire today, with the max pain points at $115,000 and $3,800.

ChainCatcher news, Greeks.live macro researcher Adam released today's options expiration data: 100,000 BTC options are expiring, with a Put Call Ratio of 0.73, the max pain point at $115,000, and a notional value of $10.9 billions. 690,000 ETH options are expiring, with a Put Call Ratio of 0.77, the max pain point at $3,800, and a notional value of $3.03 billions. Adam analyzed, "The theme of this week remains price correction. Last Friday's rapid surge did not bring a sustained rally. Both BTC and ETH have retraced more than 10% from their all-time highs, but overall market sentiment remains relatively optimistic. Nearly $14 billions worth of options will expire this week, accounting for more than 20% of the current total open interest. This month has entered a phase of volatile consolidation."

Looking at the main options data, implied volatility has rebounded significantly. BTC's short- and medium-term IV is around 35%, while ETH's main term IV is below 70%, with short-term IV dropping to 60%. IV volatility has entered a tug-of-war. Meanwhile, there have been a large number of block trades this month, with a particularly notable increase in the proportion of bearish block trades. Today, bearish options block trading volume accounted for 35% of total trading volume, reaching a new high in recent months. There is a large amount of protective block trading, and overall, the options market lacks confidence in the September trend.