options

According to Greeks.live, options delivery data shows that 29,000 BTC options are set to expire, with a Put Call Ratio of 0.6, a maximum pain point of $78,000, and a nominal value of $2.24 billion. 114,000 ETH options are set to expire, with a Put Call Ratio of 1.17, a maximum pain point of $2,450, and a nominal value of $280 million.Analysis indicates that Bitcoin continues to fluctuate around $80,000, having surged to $80,000 over three days in late last month, and has been consolidating for nearly three weeks now. The monthly realized volatility (RV) remains unchanged compared to last week, while the monthly implied volatility (IV) has slightly increased, with a general rise in the volatility risk premium (VRP). From other major options data, 7% of options are set to expire this week, with BTC and ETH open interest slightly declining compared to last week, and overall trading activity has also seen a certain pullback. The cryptocurrency market has experienced a 10-month bear market, with the main altcoins' gains concentrated in a week last month; however, during the pullback period, some concept coins and memes have shown signs of recovery, which is a positive signal. The brief calm in the U.S. stock market has also provided a breathing window for the crypto market, creating a very optimistic market atmosphere. Currently, the monthly out-of-the-money IV is not high, making it worthwhile to consider some directional buys.

According to official data, the overall trading volume of Gate options in August increased by 36.64% month-on-month, while retail trading volume increased by 27.55% month-on-month; during the same period, the trading volume of premiums increased by 192.83%.In addition, Gate US stock options have officially launched, initially supporting 9 popular US stock underlying assets including Nvidia, Tesla, and Apple.

The tenth round of executive option pool at Japan's Bitcoin treasury company Metaplanet continues to spark shareholder dissatisfaction. This option pool was originally designed to be 20% of the fully diluted equity and automatically expands as the company issues new shares to increase its Bitcoin holdings. Some shareholders are calling for the cancellation of the newly added 273 million shares and for greater transparency in future decision-making. On August 18, Metaplanet froze the option pool at 319.5 million shares, but critics argue that this actually amplifies the dilution for existing shareholders, as the option pool increased from 46 million shares to 319.5 million shares.Metaplanet CEO Simon Gerovich has committed to re-evaluating the company's governance and compensation policies and clarifying its relationship with shareholder MMXX Ventures, stating that it is merely a non-controlling significant shareholder of MMXX's parent company and does not hold an executive position. On August 31, Metaplanet disclosed that Gerovich had exercised 92,000 shares from the option pool. Matthew Sigel, head of digital asset research at VanEck, suggested freezing further exercise rights of the tenth round option pool, allowing holders to voluntarily waive excess rights, and replacing the tenth round option pool with a five-year incentive plan primarily linked to each share's fully diluted Bitcoin holdings, approved by shareholders.In its announcement on August 18, Metaplanet acknowledged that the decision to expand the option pool "amplified the dilution borne by existing shareholders." As of Wednesday's close in Tokyo, Metaplanet's stock price rose, narrowing the five-day decline to about 16.3%.

Grayscale announced on platform X that its launched the world's first Zcash spot ETF fund ZCSH is now open for options trading.

ByteDance announces an adjustment to the option price, with the price for active employees adjusted from $229.5 per share to $241.35 per share, an increase of approximately 5.1%. This is the second adjustment to the option price by ByteDance since 2026.The last adjustment to the option price by ByteDance was in April of this year, when the price for active employees was adjusted from $200.41 per share to $229.5 per share.

According to the official announcement, Binance has announced the launch of US stock and ETF options trading, offering physically settled options contracts, allowing users to trade call or put options, with the maximum loss limited to the premium.This service is provided through NestTradingLimited as the introducing broker, in collaboration with AlpacaSecurities, supporting currencies such as USDC, USDT, USD1, U, BNB, and is limited to limit orders.

The total open interest for Bitcoin futures is 695,020 contracts, valued at $54.82 billion, down 0.26% in the past hour, down 0.38% in the past four hours, but still up 1.15% in the past 24 hours. Binance holds 142,500 Bitcoins, valued at $11.24 billion, accounting for 20.5%.In Deribit Bitcoin options open interest, call options hold 288,409.93 Bitcoins, accounting for 60.89%; put options hold 185,234.42 Bitcoins, accounting for 39.11%. In the past 24 hours, the trading volume of put options accounted for 54.49%, with 12,380.77 contracts traded, higher than the 10,339.78 contracts of call options. Data from Deribit, Binance, and OKX shows that the maximum pain point for options on September 25 is close to the range of $70,000 to $73,000. The spot price of Bitcoin is $78,425, and futures positions remain high.

Glassnode data shows that as BTC rebounds towards $80,000, the options market positions are clearly shifting towards a more positive outlook. The open interest in BTC options has risen back to nearly 550,000 BTC, and participation in the derivatives market is increasing again; the DVOL volatility index has rebounded to about 41, but it is still below the previous high volatility range of 50-60.Glassnode points out that the 25 Delta Skew across different maturities has significantly narrowed, with the short-term skew turning negative, indicating a decrease in demand for downside protection, and positions are leaning more towards a balanced or bullish direction. Currently, BTC is in a dense Gamma range of about $75,000 to $80,000, with recent capital flows concentrated at the $72,500 and $79,250 strike prices, where there has been a noticeable buying of call options, while demand for put options is relatively limited.

BitMEX co-founder Arthur Hayes stated that Bitcoin has been hovering around $80,000 for most of this week, which may cause Strategy's Bitcoin strategy to lose its operational basis. Strategy currently holds 840,447 Bitcoins and needs to pay approximately $1.5 billion in dividends for STRK and STRC each year.The enterprise value mNAV of digital asset treasury company Strategy is approximately 1.01 times, with the underlying mNAV and diluted mNAV being approximately 0.73 times and 0.74 times, respectively, as of August 27, which is close to the book value of its held Bitcoins. Arthur Hayes pointed out that Michael Saylor can choose to issue new shares, directly sell Bitcoins, or cut preferred stock dividends. The dividend yield for STRK is 8%, while the dividend yield for STRC is between 10% and 11.5%.

Bitcoin options worth $6.44 billion on Deribit will expire on Friday at 08:00 UTC, involving 81,700 contracts, of which 44,639 are call options and 37,061 are put options, with a put/call ratio of 0.83, indicating an overall bullish sentiment. Deribit's maximum pain point is between $68,000 and $70,000, which is about $9,000 to $11,000 lower than Bitcoin's current price of approximately $79,000.The open interest for call options is concentrated at strike prices of $75,000 and $80,000, with a notional value exceeding $500 million within 5% of the spot price. Frank Hepworth, CEO of New Market Trading, stated that expiration week "always sounds scarier than it actually is," with about 62% of contracts set to expire worthless on Friday, and the size of September expiration contracts is expected to be nearly double that of this week.This expiration coincides with the second day of the Jackson Hole Economic Policy Symposium, where newly appointed Federal Reserve Chair Kevin Warsh will deliver his first keynote speech. Hepworth pointed out that if the pullback triggered by this week's PCE data continues into Friday, Bitcoin's 200-day moving average (around $69,000) is worth watching.

According to BeInCrypto, "big short" investor Michael Burry increased his short position before Nvidia announced its earnings, while also buying Nvidia call options expiring in December this year with a strike price in the mid-$200 range as a hedge. Michael Burry stated that this option is not a bet on the stock price rising, and its cost can be covered by existing short and put option positions.Michael Burry believes that Nvidia's low price-to-earnings ratio may mask the valuation risks associated with its short-term monopoly position, and his own estimated theoretical value is significantly lower than the current market price; at the same time, he is concerned that the company will continue to expand capital expenditures, which may face earnings downgrade pressure after the peak of the AI investment cycle. In addition to Nvidia, Michael Burry has also newly established or increased short positions in Oracle, Palantir, Nebius, and Caterpillar, with his stock short positions accounting for over 21% of his portfolio (excluding put options).

According to Bitcoin.com, Strategy (MSTR) Executive Chairman Michael Saylor proposed the concept of "Bitcoin Reform" in a published article, advocating that Bitcoin should break free from the dogmatic understanding of early concepts such as Satoshi Nakamoto, the white paper, and "must self-custody," and further integrate into banks, exchanges, enterprises, securities markets, and government systems.Saylor stated that self-custody remains an important right for holders to freely exit the intermediary system, but it should not be a mandatory obligation for everyone; users can also evaluate institutional services based on dimensions such as custodial isolation, collateral, audits, insurance, and withdrawal rights. He believes that Bitcoin has gradually evolved from peer-to-peer electronic cash and "digital gold" into "digital capital" that can support credit, equity, currency, and machine economies.

According to official data, last week the overall trading volume of Gate options increased by 182.56% month-on-month, and the number of trading users increased by 136.43% month-on-month; the number of retail trading users increased by 138.99%, with trading scale and user participation both improving.During the same period, the number of new users increased by 154.55% month-on-month, and the trading volume of new users increased by 724.26% month-on-month, further enhancing the participation momentum of new users and continuously expanding the user base. Overall, last week Gate options achieved significant growth in core indicators such as trading scale, user activity, and new user participation, with market activity and business growth momentum continuing to strengthen.In addition, Gate US stock options will soon be launched, covering the top 20 popular US stock targets in fields such as AI technology, semiconductors, electric vehicles, and cryptocurrency finance in the first phase, supporting USDT settlement, and enjoying 0 platform fees and 0 options commissions, providing users with more diverse and convenient trading options.

According to CoinDesk, approximately 81,700 Bitcoin options contracts (with a nominal value of about $6.4 billion) on Deribit will expire on Friday at 08:00 UTC. The number of call options exceeds that of put options, with a put/call ratio of 0.83, and the maximum pain point is at $68,000. The $80,000 strike price holds $157 million in nominal value of call options, while the $75,000 strike price has the largest open interest in call options, reaching $236 million.Shaun Fernando, Chief Risk Officer of Deribit, stated that nearly 20% of Deribit's Bitcoin open contracts are about to expire, combined with factors such as severe market volatility, the volatility term structure shifting from backwardation to contango, a relative increase of 30% in DVOL, and a shift from negative to positive skew in call-put options, this will be a "noteworthy expiration date." Bitcoin surged from about $62,000 to $80,000 within a week, marking the second-largest weekly gain in years, with a large number of call options with strike prices below $80,000 entering in-the-money status.Fernando pointed out that over $500 million in nominal value is within a 5% volatility range of the current price, which may trigger more intense gamma hedging before expiration, leading to a "pinning" effect around key strike prices or accelerating a breakout beyond these levels. Dynamic hedging conducted by market makers to manage exposure may cause Bitcoin prices to fluctuate around dominant strike prices like $80,000, and once a decisive breakout occurs at that level, it could trigger a larger market movement.

According to The Kobeissi Letter, the call options volume for the Bitcoin ETF IBIT reached 1.58 million on Wednesday, setting a new single-day historical high; the volume exceeded 1 million for three consecutive trading days from Wednesday to Friday, as investors chased the crypto rebound.As a result, the call skew increased by 0.05 points over the past three days, marking the largest three-day increase in at least two years, more than three times the average three-day change since January 2025. This indicator measures the relative cost of upside versus downside options, and a significant increase in this metric indicates that investors are more willing to pay a premium for upside exposure.

A notional value of $1.82 billion in crypto options will expire tomorrow, of which the notional value of BTC options is $1.57 billion, with a put/call ratio of 0.65 and a maximum pain point of $66,000; the notional value of ETH options is $250 million, with a put/call ratio of 0.77 and a maximum pain point of $1,950.

Famous investor Duan Yongping posted on Xueqiu with images revealing his holdings related to Micron Technology (MU). He stated that those buying short-term options are likely gambling, while those selling are probably just insurance companies or have opened a casino, with the key being to control the odds through rules; selling puts relies on understanding the business (i.e., probability or winning edge). He emphasized not to expect to win every time, but definitely avoid things you don't understand.The images show his recent trading records, including: multiple holdings of Micron's $870 put options expiring in August that expired worthless; on August 11, he sold 100 contracts of the $870 call options expiring on August 26 at a transaction price of $37.55, earning approximately $375,500 in premiums; on August 10, due to being exercised on the put, he was allocated to buy 10,000 shares of Micron stock at a cost price of $870, totaling $8.7 million.