On September 13th, Adam, a researcher at Greeks.live, posted on social media that 23,000 BTC options will expire and settle today. The Put Call Ratio is 0.87, with a maximum pain point of $58,000 and a notional value of $1.34 billion.

Additionally, 127,000 ETH options will expire and settle today. The Put Call Ratio is 0.73, with a maximum pain point of $2,400 and a notional value of $298 million.

Adam noted that cryptocurrencies have seen a general rebound this week, while market volatility expectations are declining. The maximum pain point has again followed the price. With the expectation of a 25 basis point interest rate cut by the Federal Reserve next week converging, major term IVs have all declined. September has been weak as expected, particularly ETH, which has fallen below the long-term support level of 0.04 against BTC. The engine of the next bull run still appears to be BTC.