PANews reported on May 24 that Greeks.live macro researcher Adam posted on the X platform stating that 21,000 BTC options are about to expire, with a Put Call Ratio of 0.88, a maximum pain point of $67,000, and a nominal value of $1.4 billion. Additionally, 350,000 ETH options are about to expire, with a Put Call Ratio of 0.58, a maximum pain point of $3,200, and a nominal value of $1.3 billion.

Adam also mentioned that ETH has taken over BTC's upward trend, spurred by ETF progress, resulting in a 20% increase in a single day. The short-term options IV once reached 150%, far higher than the current IV of BTC for the same period. Now, the divergence between BTC and ETH is evident. From the perspective of block trades and market trading structure, the bullish sentiment for ETH remains strong, but it is challenging to maintain high IV across major maturities. Calendar spreads would be a better choice. In contrast, BTC shows a more balanced long and short position, with stronger selling pressure on call options.