Quarterly Options Expiry Shows Mixed Results for BTC and ETH

According to BlockBeats, Greeks.live analyst Adam shared insights on social media regarding the options expiry data for March 28. A total of 139,000 BTC options expired with a Put Call Ratio of 0.49, a maximum pain point at $85,000, and a nominal value of $12.1 billion. Additionally, 301,000 ETH options expired with a Put Call Ratio of 0.39, a maximum pain point at $2,400, and a nominal value of $2.13 billion. This week marks the quarterly expiry, and the first quarter's market performance fell short of most expectations, with significant volatility leading to a close at the lower end of the price range. The expiry volume accounted for over 40% of total open interest, with BTC options making up nearly 80% of the total expiry volume, while ETH options comprised nearly 20%. Among other cryptocurrencies, Solana had the largest share at only 2%. Despite skepticism surrounding ETH, the market structure of holdings remains stable. Implied volatility (IV) saw a slight decrease, with BTC's main term volatility dropping below 50% and ETH's main term volatility hovering around 60%. The cryptocurrency market currently lacks new capital inflows and narratives, leading to a dull investor sentiment. Post-quarterly expiry, there are no immediate signs of a reversal, and large investors are increasingly engaging in dual selling strategies. Options market-making institutions are intensifying their selling efforts, indicating further short-term IV decline, which may pose challenges for buyers moving forward.