【March 28th Options Expiration Data】

139,000 BTC options expired, Put Call Ratio is 0.49, maximum pain point is $85,000, nominal value is $12.1 billion.

301,000 ETH options expired, Put Call Ratio is 0.39, maximum pain point is $2,400, nominal value is $2.13 billion.

This week is the quarterly expiration, and the overall performance of the first quarter did not meet most people's expectations, with significant fluctuations during the period, ultimately closing at a relatively low position within the range.

The expiration volume accounts for more than 40% of the total open interest, with BTC options expiration volume accounting for nearly 80% of the total expiration volume, and ETH options expiration volume accounting for nearly 20% of the total expiration volume, while the largest among other cryptocurrencies, Sol, only accounted for 2%. Despite many doubts about ETH, the market structure of open interest remains intact.

Implied volatility (IV) has slightly decreased, with BTC's main tenor volatility falling below 50% overall, while ETH's main tenor volatility remains around 60%.

Currently, the cryptocurrency market lacks new capital inflows and new narratives, investor sentiment is starting to become sluggish, and after the quarterly expiration, short-term reversal signs are still not visible, with an increase in the actions of large holders selling both ways. Options market-making institutions have raised the intensity of selling again, and short-term IV still has room to decline, making it more difficult for buyers going forward.