Options with a nominal value of $2.12 billion will expire today, and market indicators show typical bear market characteristics#Gate广场四月发帖挑战

On April 3rd, according to Greeks data, 28,000 BTC options will expire today, with a Put Call Ratio of 0.54, a maximum pain point of $68,000, and a nominal value of $1.8 billion.

Additionally, 156,000 ETH options will expire today, with a Put Call Ratio of 0.73, a maximum pain point of $2,075, and a nominal value of $320 million.

Greeks analyst Adam stated that today is the first weekly expiration after the quarterly settlement, and Bitcoin options market share has reached a new level, clearly exceeding 80%. In terms of expiration dates, the largest positions are at the end of April and June, each accounting for about 23%. Ethereum's concentration is even higher, with June options making up approximately 30%, indicating that Bitcoin options trading is more active.

The market is relatively weak; a small rebound will immediately fall back to $66,000. Cryptocurrency trading activity remains relatively low, and there are multiple signs of a typical bear market, such as several DeFi projects collapsing.

From the main options data, Bitcoin's implied volatility (IV) for major maturities has fallen below 51%, and ETH's IV for major maturities has also dropped below 70%. RV continues to decline, while VRP has risen during the week but has now fallen back near zero. Skew has slightly decreased, but the change is negligible.

In the first quarter of this year, Bitcoin performed poorly in both price and popularity. The first week of the second quarter also showed poor performance. Rebuilding confidence may still require time and capital support, and all indicators currently point to bear market characteristics.