2.8 billion USD in BTC and ETH options expire this Friday: BTC's biggest pain point is 76,000 USD, while ETH is at 2,200 USD

This Friday, approximately $2.8 billion worth of BTC and ETH options will expire. Among them, about 34,000 BTC options will expire, with a Put/Call Ratio of 0.52 and a maximum pain point of $76,000, with a nominal value of about $2.48 billion; approximately 148,000 ETH options will expire, with a Put/Call Ratio of 1.55 and a maximum pain point of $2,200, with a nominal value of about $300 million.

Affected by the aftermath of the Binance theft incident, the phased net outflow of ETF funds, and the U.S. CPI data exceeding expectations, BTC briefly dipped to the range of $72,700 to $73,300 this Monday and is currently still operating below the maximum pain point of $76,000. In terms of position structure, BTC call options dominate, but the put/call ratio in the last 24 hours rose to around 1.64, indicating a rise in short-term hedging and bearish demand; the ETH put/call ratio reached 1.55, reflecting stronger market defensive sentiment.

Before the delivery, attention should be paid to whether BTC can recover near the maximum pain point of $76,000. If it is difficult to quickly reclaim the resistance at $80,000, one might consider risk protection through monthly out-of-the-money put options or bear spreads.