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据期权分析师 [email protected]（@BTC__options）发布的 8月 7 日期权交割数据，3.2 万张 BTC 期权到期，Put Call Ratio 仅为 0.26，最大痛点 64,000 美元，名义价值 20.6 亿美元；17.7 万张 ETH 期权到期，Put Call Ratio 为0.77，最大痛点 1,900 美元，名义价值 3.4 亿美元。 比特币自 5 月以来持续在 64K 附近震荡逾两个月，65K 上方为年初上涨成交密集区，当前热点不在加密领域，投机资金难以流入，方向或偏向下行。加密货币市场已历经 9 个月熊市，整体隐含波动率（IV）维持低位已逾一季度，若 Q3 仍无增量资金流入，市场存在潜在较大风险暴露的隐忧。
According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
, Greeks.live macro researcher Adam posted on platform X stating that through Options Terminal analysis of the weekend market, it was found that large funds mainly engaged in three types of operations:Selling near-term gamma and near-month volatility;Buying downside protection for medium-to-long-term tenors, or constructing defensive structures such as put fly and collar;Conducting pin and roll operations around the $79,000 to $80,000 range.He stated that the current market does not support chasing short positions, and the decline has not caused market concern, with whales expecting short-term consolidation.