【March 13 Options Expiration Data】

26,000 BTC options expiring, Put Call Ratio of 0.9, max pain at 69,000 USD, notional value of 1.8 billion USD.
182,000 ETH options expiring, Put Call Ratio of 1.21, max pain at 2,000 USD, notional value of 3.8 billion USD.
The crypto market continued to rebound this week, with Bitcoin reclaiming the 70,000 USD round number again, though rebounding momentum is declining. From the options market data, IV for short-to-medium-term options this week decreased while IV for medium-to-long-term options increased, though the magnitudes are both minimal. BTC's primary term IV stands at 50%, ETH's primary term IV at 70%, with RV showing a more pronounced decline.
Only 6% of total open interest expires tomorrow, representing the lowest level in recent years, indicating that Bitcoin trading activity has reached an extremely low level. However, there is good news: the max pain point this week has finally stopped declining, reversing a downtrend that lasted several months.
In terms of trading volume, block trades and market makers, calls and puts each accounted for a quarter of trading volume, with no single option type occupying an absolute dominant position. From the main options data, Skew has shown almost no volatility, with the market clearly entering a wait-and-see mode. The market remains in a bear market, and recent AI hype has brought no improvement whatsoever.