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.
Tether’s climb to Ethereum’s size doesn’t crown a new platform winner – it exposes what users actually show up for: cheap, permissionless dollars, with little regard for the chains or issuers underneath.
The Parliament's non-legislative report lands days after MiCA's full enforcement began, warning that US dollar stablecoins pose a structural risk to the euro.
