Cryptocurrency options delivery: Market sentiment fluctuations from the biggest pain points of BTC and ETH

Today's monthly option delivery, the data is almost the same as yesterday. BTC's biggest pain point is still $33,000, the short-to-long ratio is 0.83, and the nominal funds exceed $4 billion. The gap between the biggest pain point and the spot price exceeds 10%, and the possibility of achieving the biggest pain point is too low. Yesterday, many friends told me that the low data may be due to many investors hedging, but from the data of next week, it seems to be back to normal. The biggest pain point next week is $37,000 . The gap between this data and the current spot price is not big, and the short-to-long ratio has also dropped from 0.83 to 0.5, and the nominal funds are nearly $1 billion. In fact, the weekly delivery data is generally much closer to the spot, but the price gap between monthly delivery and quarterly delivery will be very large.

In fact, the data for the next three weeks of December are similar, but the data at the end of the month is very strange. The end of December is the quarterly delivery. The current biggest pain point of BTC is $29,000, which is lower than today's $33,000. The long-short ratio is 0.47. Although the biggest pain point is not friendly, there is not such a strong bearish sentiment as it is now, and the nominal funds have risen to $5.5 billion. From this point of view, the possibility of hedging is indeed very high. Investors with large funds use monthly or quarterly options to lock in profits, while investors with cyclical options are more likely to gamble on the rise and fall of prices.

BTC is like this, and the data of ETH is also very obvious. The biggest pain point of today's delivery is still $1,700, the short-to-long ratio is 0.72, and the nominal funds are nearly $2.5 billion. Then the weekly data of next week will return to normal like BTC, with the biggest pain point of $2,100, the short-to-long ratio of 0.43, and the nominal funds of $420 million. Then at the end of December, the quarterly delivery, the data returned to the biggest pain point of $1,700, the short-to-long ratio of 0.38, and the nominal funds of $2.5 billion. It seems that the biggest pain point of BTC and ETH on a monthly and quarterly basis is likely to be around the cost of large capital investors, but interestingly, this situation did not happen much in the first half of this year. It is very likely that the current spot investors do not think there will be stable and long-term room for growth, so they lock in profits through hedging.