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BTC and ETH implied volatility declines as traders flock to options market seeking leverage

On April 30th, according to The Block, the volatility of Bitcoin and Ethereum this week has dropped to a 7-day low point, with BTC and ETH options open interest (OI) increasing by approximately $1 billion and $150 million respectively. Data from the Derive platform shows that 73% of the premium in BTC options is used to buy call options, while the ETH ratio is even higher at 81.8%. The number of call options is 3 times and 4 times higher than put options, indicating strong bullish sentiment. However, data from mainstream platforms like Deribit show that the overall market remains cautious. Analysts suggest that even in the worst-case scenario, BTC and ETH are expected to maintain their current range in May.

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