Strategic Indicators to Watch
Put/Call Ratio: Currently, BTC's put/call ratio is 0.48, indicating a generally bullish sentiment despite recent price struggles.
Implied Volatility (IV) Crush: Immediately after the January 30 expiry, IV is expected to drop significantly. Traders often see this as a "sell the news" event where the cost of protection falls, and the market recalibrates for the next month.
Gamma Ceiling: Institutional positioning in the S&P 500 has also run into a "gamma ceiling" in late January 2026, suggesting that broader macro liquidity is being "pinned" by options positioning across both traditional and crypto markets.
To track these movements in real-time, you can monitor professional tools like the Deribit Options Exchange or analytical dashboards on Coinglass.