21,564 BTC options are about to expire with a Put Call Ratio of 0.64, a Maxpain point of $65,000 and a notional value of $1.4 billion.
298,415 ETH options are about to expire with a Put Call Ratio of 0.42, Maxpain point of $3,125 and a notional value of $930 million.
Crypto markets encountered significant pullback this week, with Bitcoin and Eth falling below $60,000 and $3,000, respectively, as shorts scored their biggest and most enduring victories of the year. However, IVs across all major terms saw a sustained decline, mainly due to a sharp drop in call option prices, with Saturday's halving expectations no longer able to support the market.
Market sentiment has been more subdued with the recent slowdown in ETF inflows, and despite today's rally, the giant whale's actions continue to indicate a lack of confidence in the market, with bulls needing the support of more inflows after the halving.