BTC and ETH options with a notional value of $2.18 billion are set to expire and settle today, as the market has quickly turned fully long.

According to data from Greeks.live, 24,000 Bitcoin (BTC) options are set to expire and settle today, with a put-call ratio (PCR) of 0.84, a max pain point of $67,000, and a notional value of $1.82 billion. Separately, 149,000 Ethereum (ETH) options will also expire and settle today, with a PCR of 0.84, max pain at $2,000, and a notional value of $360 million. Greeks.live analyst Adam noted that Bitcoin has rallied sharply this week, breaking above $76,000 and surpassing two sideways price ranges this year, marking one of the rare expiration days this year where the settlement price exceeds the max pain point. The monthly realized volatility (RV) surged 20% to 53%, while monthly implied volatility (IV) rose only 6%, with the volatility risk premium (VRP) now dropping sharply. Looking at other key options metrics, 6% of this week’s options are expiring; open interest has rebounded but remains at low levels, while trading activity has jumped significantly. The rapid pace of price gains and surging trading activity have led to highly dispersed bullish Gamma Exposure (Gex), with negligible bearish Gex, indicating the market is in a broad long position state.