Analyst: $21.2 Billion Nominal Value Options Set to Expire Today, Market Metrics Show Typical Bear Market Characteristics

BlockBeats News, April 3rd, according to Greeks.live data, 28,000 BTC options will expire today, Put Call Ratio is 0.54, the maximum pain point is $68,000, with a notional value of $1.8 billion.

In addition, 156,000 ETH options will expire today, Put Call Ratio is 0.73, the maximum pain point is $2075, with a notional value of $320 million.

Greeks.live analyst Adam stated that today is the first weekly expiration after the quarterly expiration day, the market share of Bitcoin options has reached a new high, clearly exceeding 80%. In terms of maturity, the most held options currently are for the end of April and the end of June, both around 23%. Ethereum has a higher concentration, with the largest share in June options, accounting for about 30%, indicating a higher level of trading activity in Bitcoin options.

The market is relatively weak, a slight rebound will immediately fall back to $66,000. The trading activity of cryptocurrencies is still low, and there are typical bear market features such as multiple Defi project rug pulls.

Looking at the main options data, Bitcoin's main term IV has dropped below 51%, ETH's main term IV has also fallen to below 70%, RV continues to decline, VRP has risen during the week, but has now fallen back near the zero axis. Skew has slightly decreased, but the magnitude is negligible.

In the first quarter of this year, Bitcoin performed poorly in both price and activity. The first week of the second quarter also performed poorly. Rebuilding confidence may still require time and financial support. Currently, all indicators point to bear market characteristics.