BTC and ETH options worth 2.4 billion dollars expire today

Golden Finance reports that 23,000 BTC options are about to expire with a Put Call Ratio of 0.49, the biggest pain point being $61,000 and a nominal value of $1.4 billion. Also, 330,000 ETH options are about to expire with a Put Call Ratio of 0.36, the biggest pain point being $3,000 and a nominal value of $1 billion. Adam from GreeksLive Macro Research stated that this week's crypto market continues to decline as BTC breaks through the key level of $60,000 for the first time since March showing its weakness clearly. The listing of Hong Kong ETF did not bring much increment while US stock BTC ETF continued outflows which led to weakened market confidence and major term IV also continued to decrease; however current IV levels are at average winter bull market waterline providing some support making it cost-effective for buying in now. Currently there is little chance for continuous sideways movement in points; if no rebound occurs then it will be an intermediate fall in prices indicating whales lack confidence in future markets hence large transactions deserve more attention.