4.6 Billion Dollars of Institutional Data in Bitcoin and Ethereum

Recently, there has been significant activity in the Bitcoin and Ethereum markets. As of November 14, a total of 41,000 Bitcoin and 228,000 Ethereum option contracts are set to expire, drawing investors' attention back to the general state of the market. These expirations not only coincided with weakness in prices but also shifted market sentiment in a negative direction.

Data provided by Wu Blockchain and Greeks.live reveals that the Put-Call ratio for Bitcoin is 0.61, with the maximum pain point at $105,000. The total nominal value of these contracts is reported to be $3.95 billion. In Ethereum, the Put-Call ratio is 0.59, the maximum pain point is $3,475, and the total nominal value is around $730 million. These figures indicate that investors are turning to protective option demand.

Following the option expirations, another significant development in the markets was the sharp rise in volatility pricing. According to Greeks.live, Bitcoin's short-term implied volatility (IV) is nearing 50%, while the general average is trading around 45%. In Ethereum, the situation is more striking; it is reported that IV in larger maturities has exceeded 70%, while in the short term, it is approaching 100%. The share of put options in total volume for Bitcoin has reached 30%, clearly indicating that risk aversion is dominant in the market.

Analysts are evaluating the current market situation quite pessimistically. Due to the loss of initiative and increasing macro uncertainties, the fourth quarter of 2025 is being described as the worst period of the year. The drop of Bitcoin prices below the psychological level of $100,000 and Ethereum's third consecutive monthly loss exemplify the concrete instances of this uncertainty.