The total amount of open contracts for Deribit's nominal options reached a historical high of 26 billion US dollars.

Deribit data shows that BTC options contracts worth over $3.625 billion and ETH options contracts worth over $2.288 billion will expire and be settled this Friday (February 23), totaling approximately $5.913 billion. The maximum pain point price for BTC is $47,000; for ETH it is $2,400.

Adam, a macro researcher at Greeks.live, recently sold 1000 call options with a nominal value of $43 million and a strike price of $50,000 that will expire at the end of April on the X platform. The premium was $1.65 million, and the transaction was slightly below the purchase price, indicating that this may be a covered call option strategy. Although the current implied volatility (IV) is low, the fact that the major player chose to sell call options with a strike price of $50,000, which is more than 15% higher than the current level, indicates that the major player has a pessimistic attitude towards the market before the Bitcoin halving. This transaction shows that the game intensity of the Bitcoin halving event has significantly increased in recent days.

According to Coinglass data, the nominal value of unclosed BTC option positions on the entire network is $12.06 billion, and the nominal value of unclosed ETH option positions is $6.69 billion.

Lin, the head of Deribit Exchange's Asia-Pacific business, stated that Deribit's option positions account for 86% of the entire market.

February 2nd, option expiration data showed that 22,000 BTC options are about to expire, with a Put Call Ratio of 0.66, a maximum pain point of $42,000, and a nominal value of $960 million. 23,000 ETH options are about to expire, with a Put Call Ratio of 0.33, a maximum pain point of $2,300, and a nominal value of $530 million. According to Greeks.live, the cryptocurrency market has been relatively stable this week, with RV and IV for major maturities showing a downward trend. With the slowing down of Grayscale's selling, Bitcoin spot ETFs have begun to bring incremental funds to the cryptocurrency market. Bulk trading is relatively flat, and some whales are reducing their positions, mainly to profit from ETFs. The next big focus is on speculating about the Bitcoin halving, and this year is still bullish.

Deribit's Asia-Pacific business leader Lin Chen wrote on X platform that a whale on Deribit spent $1.02 million to buy put options for Bitcoin at the end of February with a strike price of $41,000, and sold put options for $36,000 at the end of February. This operation may suggest that the whale believes "the market will continue to fall in the near future, but will not drop below $36,000."

Greeks.live macro researcher Adam released the January 5 option delivery data:22,000 BTC options are about to expire, with a Put Call Ratio of 0.62, the maximum pain point is $43,500, and the nominal value is $960 million.

Greeks.live analysts have observed complex signals in the options market. Analysts point out that whales have increased their bearish positions on BTC and ETH, while market participants' sentiment ranges from neutral to bullish. Currently, 25,000 BTC options and 217,000 ETH options are about to expire in the market. The biggest pain point for Bitcoin options is $42,000, and for Ethereum options it is $2,200. Analysts warn that with the Christmas holiday approaching, activity in the European and American markets will decrease. The decline in market liquidity may cause sudden spikes or drops in cryptocurrency prices. <br>

According to data from the Deribit official website, BTC options with a nominal value of $1.1 billion will expire and be delivered tomorrow. ETH options with a nominal value of $470 million will expire and be delivered tomorrow.