Greeks.live: The current options open interest has fallen to a new low since 2023, and market trends may emerge around the time of the U.S. election

ChainCatcher message, according to Greeks.live data, 18,000 BTC options are expiring with a Put Call Ratio of 0.91 and the biggest pain point at $62,000 USD, with a nominal value of $1.1 billion USD. Also, 212 thousand ETH options are expiring with a Put Call Ratio of 0.4 and the biggest pain point at $2,450 USD; its nominal value is $510 million USD.

The cryptocurrency market continues to be weak; currently there's intense competition around the key level of $60k for Bitcoin while Ethereum hovers near its long-term support line around $2,300 USD. The market could turn around any day now. The first two weeks of this quarter have not been good and the options market has also been sluggish; current open interest in options has fallen to new lows since 2023.

However, this sluggish market is also breeding new trading opportunities: as of November 8th , BTC's at-the-money implied volatility (IV) is only about 50%, which makes it very suitable for building positions from low levels for some medium-to-long term bullish views. This week large-scale bullish transactions gradually became active - it’s highly possible that there will be significant price movements before or after the U.S election.