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Options 101: The Foundation Topics covered: 1.) What is a derivative? 2.) What is an option? 3.) Options example ( airline industry ) 4.) Options example ( $BTC ) 5.) American vs European options

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May 29 Options Expiration Data 84,000 BTC options expired, with a put-call ratio of 0.88, a maxpain point of $75,000, and a notional value of $6.2 billion. 639,000 ETH options expired, with a put-call ratio of 0.81, a maxpain point of $2,200, and a notional value of $1.28 billion. This week, Bitcoin rapidly fell below $75,000. Both BTC and ETH saw large-scale expiries, but due to the sharp decline, the market failed to find support at the “maximum pain” levels. The poor market conditions further dampened the already low level of market attention. Only 20% of options expired this month, and following the expiry, the concentration of June options rose significantly, accounting for 40% of open interest. Long positions failed to reclaim key levels before expiration, struggling to find support at the GEX key price. Risk appetite continued to decline this week, with altcoins and ETH beta facing more pronounced pressure. Without new catalysts, short-term IV is likely to retreat after expiration. Looking at key options data, the PCRs for BTC and ETH stand at 0.88 and 0.81, respectively—figures that do not indicate extreme bearishness. The market had not previously placed large-scale bets on a one-sided crash; the sentiment was more neutral with a slight defensive bias. Skew volatility has remained stable, with most activity reflecting the unwinding of previously accumulated positions. While IV for major expiry dates has rebounded slightly, it remains below 35% across the board, reaching a point where further declines are unlikely. The market’s next focus is on whether capital will flow back in, and whether BTC can reclaim $75,000 and ETH can retake $2,100. The settlement appears more like a “bearish unwinding”—large positions have expired—but the fact that both BTC and ETH are trading below their key resistance levels indicates that the dominant force this week has not been chasing rallies, but rather risk aversion and a retreat by longs. The market’s bullish sentiment is currently very fragile.

BTC’s price has begun to break below the Gex concentration zone, and the resistance from open interest will continue to weaken. Meanwhile, since Gex is concentrated around $2,000, ETH has also broken below the Gex resistance level. Although BTC has fallen to a very dangerous level, implied volatility (IV) has not risen significantly. Not only is IV across all maturities below 40%, but far-end IV continues to decline as well. Moreover, the three-day decline has failed to effectively boost near-end IV. Under these circumstances, with the May contract at around 20%, tomorrow’s monthly settlement appears likely to significantly alter the current options position structure. The market as a whole is still betting on support, and large investors’ concerns about the risk of a breakout have not increased significantly.

We are pleased to announce that version Web215 of Greeks.live is now available on both sites (glvs/greeks.live). The core updates include the new DDH U-denominated hedging model, DataLab Fly charts, and GEX charts. The two newly added indicators and the updated U-denominated hedging feature were developed in response to widespread user demand and after incorporating feedback from numerous professional traders; they are currently market-leading tools. Greeks.live is committed to providing every user with the most advanced and user-friendly trading tools. Vol Fly, short for Volatility Butterfly, is a highly insightful options indicator. This chart displays the convexity of the volatility surface, measuring the market’s pricing discrepancy regarding extreme market conditions. (Formula: Fly = Avg(25Δ Call IV, 25Δ Put IV) - 50Δ Call IV) GEX, or Gamma Exposure, is a chart that aggregates the net gamma exposure of option market makers across various strike prices. Positive gamma (green) indicates that market makers’ hedging will dampen price volatility; negative gamma (red) indicates that market makers’ hedging will amplify price volatility. (Formula: GEX = Σ(Option Gamma × Open Interest × Contract Multiplier × Spot Price), measured in contracts per $1 price change)

This article uses the Options Terminal to assist with market analysis and provide real-time insights into the latest options market conditions. Try it now 👉 terminal.glvs.ai

Over the weekend, BTC staged a V-shaped rebound, driven by news regarding the U.S.-Iran situation. Tomorrow’s U.S. market open is also expected to provide some further momentum. Looking solely at the BTC market, the key focus for this weekend’s BTC options is that gamma constraints will ease after expiration, and the 78.5K level—near the most critical resistance point—remains the dividing line between bulls and bears. In the short term, if BTC holds above 77K–78K, it will likely continue to consolidate with an upward bias; if it breaks above 80K on heavy volume, the call side may reignite momentum-chasing sentiment. Short-term IV remains low, making naked call options a good value. However, given the strong expectation of near-term volatility, it is more prudent to use call spreads or put spreads to manage costs, or to wait for a break above 80K or a drop below 77K before adding to positions for greater stability.

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May 22 Options Data 21,000 BTC options expired, with a put-call ratio of 0.66, a maximum strike price of $78,500, and a notional value of $1.6 billion. 129,000 ETH options expired, with a put-call ratio of 0.92, a maximum strike price of $2,200, and a notional value of $280 million. This week, Bitcoin ended its one-and-a-half-month rally, but support levels remain relatively strong. Market activity was subdued with low investor interest; less than 5% of BTC options expired this week, while only 5% of ETH options also expired. The BTC settlement volume was modest, with the maximum pain point close to the spot price, and the Gamma/pin effect was more pronounced near expiration; ETH’s settlement volume is only half that of last week, with the spot price below the maximum pain point. The brief rise in the proportion of ETH options this month has ended, and IV is likely to decline in the short term after settlement. Looking at key option metrics, Skew continues to decline slightly. IV for major maturities has dropped significantly compared to last week, with the decline exceeding that of RV, resulting in an increase in VRP. Bitcoin’s IV across major maturities has fallen below 35% across the board, while ETH’s IV across major maturities has also fallen below 50%, with short-term levels expected to drop further. Volume is dominated by structured trades, with whales continuously building short-term, low-cost protective positions. Volatility expectations are low, and overall market enthusiasm is below expectations. This article uses the Options Terminal to assist with market analysis and provide real-time insights into the latest options market conditions. Try it now 👉 terminal.glvs.ai

Try it now： terminal.glvs.ai

Options Terminal is also integrated with the Datalab system, allowing users to view data visually and interact with AI to analyze market trends directly within the system. Today, put block options accounted for nearly 40% of total trading volume, with concentrated trading centered on bear spreads for the 75K/71K puts expiring at the end of May, totaling nearly $200 million in notional value. Traders are using the recent rebound to establish defensive positions for the final ten days of the month. Overall, the market is positioning itself to defend against price pullbacks but does not anticipate a market collapse. May and June have long been viewed as unfavorable trading months, and this month, major investors have been steadily increasing their defensive positions: buying effective protection, selling margin calls at the tail end, and controlling costs.

The newly launched Options Terminal integrates basic options chain and T-chart functionality, allowing users to seamlessly transition their existing trading habits from the options web page to the Options Terminal. Additionally, users can customize the page layout and add various components to achieve a comprehensive, all-in-one view. Use the AI Chat on the right to analyze market conditions and discuss strategies with the AI, while manually placing orders in the T-chart on the left—enabling AI-assisted trading all on a single page. Try it now： terminal.glvs.ai

I analyzed the weekend market with Options Terminal: Big investors are clearly doing three things: 1. Selling near-term gamma / selling near-month volatility 2. Buying downside protection in the mid term or setting up defensive structures like put flies or collars 3. Engaging in pin and roll strategies around the 79k–80k range; the market as a whole has not entered panic pricing To sum it up in one sentence: Institutions weren’t betting on an “immediate one-sided collapse of BTC” over the weekend; instead, they’re using low-cost strategies to hedge against the left tail while continuing to capture near-term time value. Let me put it this way: The market currently doesn’t support chasing shorts; the decline hasn’t sparked market concern, and major players expect short-term consolidation! Now using terminal.glvs.ai

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The analysis from Options Terminal is similar to the conclusions we drew after reviewing the data for half an hour, and its recommendations are even more detailed than mine. Put volume is rising, indicating a significant increase in demand. At the same time, selling pressure on puts is strong, which is suppressing the rise in implied volatility (IV). The market has entered a phase of “repositioning after a decline”: investors are adding put protection while selling calls at higher strike levels or directly selling puts to capture volatility. Short-term market expectations have shifted from “directional trading” to “range-bound + high volatility,” with the option trading structure leaning toward: · Trading puts at the lower boundary · Using call spreads or short calls to cover the upper boundary · Interweaving a small amount of long volatility in between Use this now ⬇️ terminal.glvs.ai

May 15 Options Expiration Data 25,000 BTC options expired, with a put-call ratio of 0.59, maxpain price of $80,000, and a notional value of $2 billion. 274,000 ETH options expired, with a put-call ratio of 0.4, maxpain price of $2,300, and a notional value of $620 million. This week, Bitcoin remained range-bound near $80,000, with clear support levels. The market has entered a quiet phase with low investor interest; only 6% of BTC options expired this week, while 11% of ETH options expired. Implied volatility (IV) for both major-term options has declined slightly compared to last week, while VRP has risen. Bitcoin’s major-term IV hovers around 35%, while ETH’s major-term IV is near 50%, with short-term levels slightly lower. Looking at key options data, Skew metrics have shown a broad, modest decline. Volatility in Skew has been very low over the past month, with market sentiment remaining neutral. Options activity was extremely low this period, with open interest at approximately 20% at the end of May and around 30% at the end of June. In the second quarter of this year, Bitcoin performed well in terms of both price and market sentiment, and the legal and policy environment was relatively favorable. However, coupled with an improving macroeconomic situation, overall market enthusiasm fell short of expectations. Against the backdrop of long-term positive factors, Bitcoin remains a primary trading asset, and it makes sense to position for some long-term options.

Today the US Senate Banking Committee will hold a key hearing to potentially advance the Clarity Act at 10:30AM EST. Here is the link to watch: banking.senate.gov/hearings/05/08…

Greeks.live Options Trading Tool Has Undergone a Comprehensive Smart Upgrade! We are thrilled to announce the launch of our newly developed Options Terminal! Combining our years of experience in developing options trading tools with months of dedicated R&D, and with the collaborative input of over a dozen seasoned options traders, our intelligent options trading tool, Options Terminal, is now available for use! Execute options trades simply by interacting with AI, making options trading accessible to everyone—no longer a high barrier to entry. Try it now⬇️ terminal.glvs.ai