Greeks.live: The bearish sentiment has decreased, with most traders focusing on selling call options this week

Greeks.live macro researcher Adam pointed out on the X platform that cryptocurrencies were relatively weak this week. The approval of Bitcoin spot ETF directly caused Grayscale's selling pressure to crush the market recently. However, the impact of Grayscale's sell-off is becoming weaker and volatility continues to decline. The main term IV keeps falling, with some expiration dates falling below 40% IV. At the same time, PCR has dropped significantly this week, indicating a decrease in bearish sentiment among active traders. Most traders are focused on selling for bullish positions, with very few actively buying for bullish positions. Today, more than 30% of options will expire and be settled, which may further suppress IV due to released margins and bring Bitcoin's option term structure back to normalcy.