【March 21 Options Expiration Data】

22,000 BTC options expired, Put Call Ratio was 0.84, maximum pain point $85,000, notional value $1.83 billion.

133,000 ETH options expired, Put Call Ratio was 0.62, maximum pain point $2,000, notional value $260 million.

The market was relatively flat this week, with total options expiration volume decreasing by nearly half, and short-term implied volatility (IV) significantly declining. BTC's medium to short-term volatility has completely fallen below 50%, while ETH's medium to short-term volatility has also returned to around 60%, with short-term volatility nearly halved.

Cryptocurrency has entered a state of free oscillation and sideways movement, investor sentiment is starting to become sluggish, and as the quarter's expiration approaches, large traders generally focus on stability at this time.

Options market makers have resumed increasing the intensity of selling and tightening IV, which is betting on future short-term sideways movement. Recently, there haven’t been many significant events in cryptocurrency, and uncertainty has greatly decreased, allowing market makers to seize the opportunity to recover profits, making it relatively difficult for buyers over the past two weeks.