On March 31, Adam, an analyst from Greeks.live, released a cryptocurrency options block trade daily report, stating that the largest options block over the weekend was 250 puts with a strike price of 78,000 and 250 puts with a strike price of 80,000, both expiring on April 1. The strategy logic is to bet that the market will continue to decline after the March delivery, and naked put selling operations have been increasing before the delivery. This weekend, they directly added 500 contracts, spending nearly $300,000 in option premiums.

Adam suggested that whales are betting on a downturn without protection, which is a strong bearish signal and requires constant attention to market downside risks. Weekend block trades were limited, with other block trades mainly focusing on position adjustments after monthly delivery. Calendar spreads and vertical spreads were the most popular combinations. Overall, the market trend is characterized by negative Delta and positive Theta, with a gradual decline being the mainstream view, and ETH showing a slightly stronger bearish tendency.