Data from Greeks.live, a professional options trading platform, shows that approximately 31,000 BTC options expire today.
These options had a put-call ratio of 0.48 and a maximum pain point of $100,000. The notional value of these expiring options reached $3.19 billion, indicating substantial market exposure.
The platform notes how Bitcoin has remained above $100,000, with heightened speculation regarding its emerging role as a reserve asset for the U.S. government and institutional investors.
Greeks.live mentions that Donald Trump is now president, and policy shifts in the coming months could significantly influence Bitcoin’s trajectory for a full year. Notably, on Thursday, Trump approved via an executive order the formation of a committee to oversee the benefits of a national Bitcoin reserve.
Bitcoin Market Volume Amid Policy Shifts
Further market data from CoinGlass underscores a surge in Bitcoin options trading, with options volume increasing by 58.50% to $4.76 billion. However, open interest in BTC options declined by 4.92% to $37.09 billion, signaling a shift in positioning as some traders closed existing contracts.
Despite this drop in open interest, overall derivatives volume soared by 132.35% to $187.02 billion.
Increased Speculation in Ethereum Market
Meanwhile, Ethereum options data from Greeks also indicates heightened trading interest. Today, approximately 174,000 ETH options expired with a put-call ratio of 0.47 and a maximum pain point of $3,300.
These contracts held a notional value of $580 million. Ethereum options volume rose by 38.06%, reaching $1.21 billion, reflecting increased market speculation.
According to CoinGlass, open interest in Ethereum options saw a sharper decline than Bitcoin, decreasing by 5.92% to $8.10 billion. However, the broader Ethereum derivatives market remained active, with total trading volume increasing by 89.40% to $54.30 billion.
This suggests that new speculative opportunities continue to emerge while traders are closing out existing positions.
Greeks.live also highlights that macroeconomic factors shaped recent market movements. For instance, the Bank of Japan has announced a 25 basis points rate hike. Meanwhile, the Federal Reserve meeting is expected to maintain the current rate stance with no immediate cuts.
According to Greeks, these macro events are anticipated to remain stable in the short term. Traders are focusing on potential policy changes under the new administration and ETF inflows, with short-term options positioning emerging as a key strategy amid evolving market conditions.
Institutional Investment See Inflows
Meanwhile, U.S. spot Bitcoin ETFs recorded six consecutive days of inflows between January 15 and January 24.
Data from SoSoValue indicates that these ETFs accumulated $3.7 billion in net inflows during this period, with over $1 billion on January 17 and more than $800 million on January 21.
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