GreeksLive reported that the 31,000 BTC contracts settled with a put-call ratio of 0.7 and a maximum pain point of $61,000. This follows a broader trend of defensive positioning, where investors continue to pay premiums for puts across short-term maturities. The firm’s analysis indicates that Bitcoin’s 25-delta skew remains negative, signaling that demand for immediate downside protection is far outweighing appetite for upside exposure.
Ether markets show even greater apprehension, with 135,000 options expiring at a notional value of $230 million. The put-call ratio for ETH sits at 1.29, suggesting more aggressive hedging around the $1,650 maximum pain level. This sentiment is compounded by sluggish spot Bitcoin ETF flows, which saw nearly $1.79 billion in weekly outflows—the largest withdrawal of 2026—further dampening the recent price rebound.
Market participants are now closely monitoring gamma exposure, which remains concentrated near $60,000 for Bitcoin and $1,700 for Ether. These levels act as gravitational anchors for short-term price action. Despite the recent recovery, GreeksLive warns that the long-term downtrend persists, driven by consistent selling pressure from large holders and a market pivot toward traditional assets like semiconductors and artificial intelligence.
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