Greeks.live: The crypto market currently lacks new funds and a new narrative, and there are no signs of a reversal in the short term after the quarterly settlement

On March 28th, the analyst Adam from Greek.live posted on social media, saying, "The March 28th Options Expiry Data shows that 139,000 BTC options are expiring, with a Put Call Ratio of 0.49. The maximum pain point is at $85,000, and the notional value is $12.1 billion. 301,000 ETH options are expiring, having a Put Call Ratio of 0.39. The maximum pain point is at $2,400, and the notional value is $21.3 billion." This week is the quarterly expiration week. The overall trend of the first quarter did not meet most people's expectations. There was significant volatility during this period, and it finally closed at a relatively low price range. The expiration volume accounts for more than 40% of the total open interest. The BTC options' expiration volume accounts for nearly 80% of the total expiration volume, and the ETH options' expiration volume accounts for nearly 20% of the total expiration volume. Among other currencies, the largest one is Sol, which is only 2%. Despite ETH facing a lot of scrutiny, the market structure of open interest remains unchanged. The Implied Volatility (IV) has decreased slightly. The major term volatility of BTC has fallen below 50% across the board, and the major term volatility of ETH remains around 60%. The cryptocurrency market currently lacks new capital and new narratives. Investor sentiment is starting to become dull, and there are no immediate signs of a reversal after the quarterly expiration. Large holders are increasingly engaged in selling operations. Options market makers are intensifying their selling efforts, indicating that there is still room for the IV to decrease in the short term, making it difficult for buyers to move forward.