TREE NEWS reports: Some 30,500 BTC options with a notional value of $2.63 billion expired on Oct. 2 at a put-call ratio of 1.07 and a max pain of $82,000, while 116,000 ETH options worth $320 million expired at a put-call ratio of 1.17 and a max pain of $2,660, Greeks.live researcher Adam said. BTC rebounded on the delivery day, with large bullish option block trades active and the price ranging around $85,000 for over a week.
BTC and ETH Options Worth $2.95B Expire This Week
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AI take
The put-call ratios above 1.0 on both expiries point to a market carrying more downside hedging than upside bets, yet BTC's rebound on delivery day and the large bullish block trades suggest positioning was not uniformly defensive. The gap between max pain and where BTC actually traded is the tell: spot held well above the level that would have maximized option pain, a sign that derivatives expiry exerted limited gravitational pull this cycle. Whether that decoupling persists into the next expiry, or whether the heavier put skew on ETH signals broader caution, is the open question worth tracking.
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