Greeks.live: The market makers are increasing the position on put options, entering a defensive phase.

Gate News bot message, Greeks.live macro researcher Adam posted “June 13 Options Delivery data” on social media platform:

28,000 BTC Options are expiring, with a Put Call Ratio of 0.9, maximum pain point at $106,000, and a notional value of $2.93 billion. 244,000 ETH Options are set to expire, with a Put Call Ratio of 1.13, a maximum pain point of $2,650, and a notional value of $620 million. Recent fluctuations always occur before the weekly Delivery, and due to Israel’s attacks on Iran, the market’s risk aversion sentiment has clearly intensified, leading to a significant pullback in cryptocurrencies. Looking at the main Delivery data, the Delivery volume is approximately 8% of the total open interest, and this ratio has declined again after rebounding last week.

In terms of implied volatility, BTC’s IV is still hovering at a low level, while ETH’s IV has risen significantly. Recently, there is considerable room for volatility strategies to be implemented on ETH. With the continuous decline of IV and RV, the VRP has been at a high level this week, which is a sign of the extreme decline of RV, and IV requires a larger safety cushion, indicating a market with very low volatility. After today’s adjustment, the VRP has decreased, but it is still at a high level. Combining the large transaction data, it appears that the main force is currently increasing its position in put Options and entering a defensive stage.