Approximately 34K BTC and 220K ETH options expired today with max‑pain at $118K for BTC and $4.25K for ETH. BTC short‑tenor IVs remain above 35% while ETH short‑tenor IVs are above 80% with markets re‑pricing near‑term volatility.
BTC ETFs logged a 5th straight outflow day (‑$194 million) while ETH ETFs saw +$288 million (led by BlackRock’s ETHA). This rotation favors ETH despite broader de‑risking.
Largest BTC liquidation cluster lies between $114.7K - $115K with near-term support at $111.2K and deeper support at $109.4K - $107.6K.
SEC Commissioner Caroline Crenshaw’s departure leaves the agency without a Democratic voice, strengthening Republican control and clearing the path for a more crypto-friendly regulatory agenda in 2026.
Geopolitical risks from Venezuela to Greenland are fading into the background as investors refocus on US data and Fed rate cuts, but turbulence in crypto markets shows risk appetite remains fragile.
