VanEck: Bitcoin Miners Maintain "Mine and Sell" Status, Options Market Defense Signal Peaks

BlockBeats News, March 20th, Matthew Sigel, Director of Digital Asset Research at VanEck, posted on social media that the 30-day average price of Bitcoin dropped by 19%, but the spot price has stabilized. The market volatility has significantly dropped, with realized volatility decreasing from 80% to 50% and the futures funding rate dropping from 4.1% to 2.7%.

On-chain activity has cooled down, with a 31% decrease in the transfer volume, a 27% reduction in daily fees, and a slowdown in the distribution speed of long-term holders. As for miners, they have mostly maintained a "mine and sell" status, selling off almost all newly issued bitcoins.

The options market has reached a peak in defensive sentiment, with a put/call open interest ratio averaging 0.77, hitting a new high since June 2021; the premium of put options relative to spot volume has reached a historical high of 4 basis points.