[October 16 Options Expiration Data] 18,000 BTC options contracts expired, with a Put/Call Ratio of 1, the maximum pain level at $83,000, and a notional value of $1.47 billion. Today’s expiration saw 4.5% of total BTC options open interest expire. Affected by weak macroeconomic data, U.S. equities experienced a significant pullback, and cryptocurrencies largely followed suit, resulting in relatively weak market conditions. Looking at key options data, implied volatility (IV) is currently at low levels—35% is already near its floor, indicating extremely low market expectations for future price movement. Despite a strong market rally this summer, the main-term options market has not seen elevated IV; buyers have remained cautious and unwilling to pay high premiums for directional bets. Gamma exposure (Gex) is gradually converging around the $90K round figure, while put gamma is beginning to accumulate at the $80K strike. Cryptocurrencies delivered a solid rebound this summer, sustaining a two-month mini-bull market. As noted last week, monthly out-of-the-money IV remained low, making it prudent to implement some bearish directional protection. This week’s decline has validated that strategy, and rolling positions remains advisable.