Greeks Live Researcher: After today's settlement, the March-expiring quarterly options are the largest holdings, mainly consisting of out-of-the-money call options.

On December 26, Greeks live macro analyst @BTC__options stated that today is the annual options expiration day, as well as the largest cryptocurrency options expiration in history, with a total notional value of approximately $28 billion. Among them, Bitcoin (BTC) has 267,000 options expiring, with a Put/Call ratio of 0.35, a maximum pain point of $95,000, and a notional value of about $23.6 billion; Ethereum (ETH) has 1.28 million options expiring, with a Put/Call ratio of 0.45, a maximum pain point of $3,100, and a notional value of approximately $3.71 billion. Over half of the options have been settled today. Before settlement, the volume and proportion of block trades in options continued to rise, mainly due to rebalancing needs; after settlement, the quarterly options expiring in March are the largest holdings, accounting for over 30% of the total position, mainly out-of-the-money call options. The market performance in the fourth quarter of this year can be said to be the worst in history, due to industry cycle factors and slow development, market sentiment is poor, making it more suitable for seller strategies.