Odaily News Greeks.live analyst Adam wrote, “Option delivery data on March 28: 139,000 BTC options expired, the Put Call Ratio was 0.49, the maximum pain point was $85,000, and the notional value was $12.1 billion. 301,000 ETH options expired, the Put Call Ratio was 0.39, the maximum pain point was $2,400, and the notional value was $2.13 billion.
This week is the quarterly delivery. The overall market in the first quarter was not as expected by most people. The volatility during the period was also relatively large, and it finally closed at a lower price within the range. The delivery volume accounted for more than 40% of the total positions, of which the delivery volume of BTC options accounted for nearly 80% of the total delivery volume, and the delivery volume of ETH options accounted for nearly 20% of the total delivery volume. Among other currencies, the largest Sol only accounted for 2%. Although ETH has been questioned by many people, the market structure of positions is still maintained. The implied volatility IV fell slightly, the volatility of BTC's main term fell below 50% across the board, and the volatility of ETH's main term remained around 60% overall.
Cryptocurrency currently lacks new capital and new narratives, and investor sentiment has begun to become sluggish. There is still no sign of reversal in the short term after quarterly delivery, and large investors are increasingly selling double. Option market makers have increased their selling intensity again, and short-term IV still has room to fall, so it will be more difficult for buyers to do it next.”