Analysts: This year's Q4 crypto market performance was the worst in recent years, making a sell-side strategy suitable at this time.

According to Odaily Planet Daily, Adam, a macro researcher at Greeks.live, posted on the X platform that 267,000 BTC options are expiring, with a put-call ratio of 0.35, a maximum price threshold of $95,000, and a notional value of $23.6 billion.

1.28 million ETH options are expiring, with a put-call ratio of 0.45, a maximum price of $3,100, and a notional value of $3.71 billion.

This year marks the annual expiration date, the largest cryptocurrency options expiration date in history, with nearly $28 billion worth of options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter of this year, only stabilizing at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has fallen below the $3,000 mark, with four consecutive months of decline, indicating a relatively low market sentiment.

Looking at the main options data, implied volatility has been affected by factors such as decreased volatility and the Christmas holiday. The implied volatility of BTC is around 40% on average, and that of ETH is around 60%, both of which are at a moderate level this year.

More than half of the options were settled today. Before settlement, the volume and proportion of large-scale option transactions continued to rise, mainly due to the demand for rollover. After settlement, quarterly options expiring in March were the largest open interest, accounting for more than 30% of the total open interest, mainly consisting of out-of-the-money call options.

The fourth quarter of this year was arguably the worst in recent years. Due to industry cyclical factors and slow development, market sentiment was poor, making a sell-side strategy more suitable.