Greeks.live: 18,000 BTC options expire today, max pain at $83,000, notional value $1.47 billion.

According to a post by Adam (@BTC__options), a macro researcher at Greeks.live, a total of 18,000 BTC options expired on October 16, with a Put Call Ratio of 1, a max pain of $83,000, a notional value of $1.47 billion, accounting for 4.5% of total BTC option open interest. This week's macroeconomic data came in weak, US stocks corrected sharply, and the crypto market followed lower for most of the session, reflecting an overall soft tone. In terms of options data, the implied volatility (IV) for major tenors is around 35%, already at low levels with limited room for further decline, indicating that expected future market volatility remains at extremely low levels. Although the crypto market experienced a roughly two-month rebound earlier this summer, IV for major tenor options has stayed subdued throughout, with option buyers generally exercising caution and unwilling to pay high premiums to speculate on direction. Gamma exposure (GEX) is gradually clustering around the $90,000 round number, while additional gamma is also beginning to build near $80,000 below. Adam noted that he highlighted last week how monthly out-of-the-money option IV was relatively low, presenting a favorable environment for establishing downside protection; with prices having pulled back this week, he maintains that these hedging positions still warrant rolling.