BTC and ETH Options with a Notional Value of $1.97 Billion are Set to Expire Today, with Quarterly Expiry Coming Next Friday
BlockBeats News, March 20th, according to Greeks.live data, there will be 23,000 BTC options expiring today, Put Call Ratio is 0.88, max pain at $70,000, notional value of $1.6 billion.
In addition, there will be 176,000 ETH options expiring today, Put Call Ratio is 1.04, max pain at $2150, notional value of $370 million.
Greeks.live analyst Adam stated that the rebound in the crypto market this round has ended, with Bitcoin briefly falling below the $70,000 key level. The $75,000 price level has been frequently mentioned in the past week as a key resistance area, with 5% of end-of-month options stacked at this price. The final breakout attempt failed, leading to a retreat to near $70,000.
Next Friday is quarterly settlement, and from the options market data, $75,000 is the most concentrated open interest price, an absolute resistance level. $65,000/$62,000/$60,000 below are all areas of concentrated open interest and can be considered as downside support. The IV and RV of major term options this week are basically unchanged, with BTC's major term IV at 50% and ETH's major term IV at 70%. The declining RV continues to raise the VRP.
Only 5% of total open interest in options is expiring, setting new lows, and despite the volatility, Bitcoin's trading activity remains extremely low. Due to the price drop, Skew has decreased across the board, indicating the market is still in a bear market, with bullish momentum very fragile.
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