Analysts: Q4 of this year saw the worst performance in the cryptocurrency market in recent years, making a sell-side strategy suitable at this time.

According to ME News, on December 26th (UTC+8), Adam, a macro researcher at Greeks.live, posted on the X platform that 267,000 BTC options expired, with a put-call ratio of 0.35, a maximum price threshold of $95,000, and a notional value of $23.6 billion. 1.28 million ETH options expired, with a put-call ratio of 0.45, a maximum price threshold of $3,100, and a notional value of $3.71 billion. This year's expiration dates are the largest in history for cryptocurrency options, with nearly $28 billion worth of options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter, only stabilizing at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has fallen below the $3,000 mark, with four consecutive months of decline, indicating a relatively weak market sentiment. Looking at the main options data, implied volatility has been affected by factors such as decreased volatility and the Christmas holidays. BTC's main term IV averages around 40%, and ETH's main term IV is around 60%, both at moderate levels this year. More than half of the options contracts were settled today. Prior to settlement, the volume and proportion of large-volume option trades continued to rise, mainly due to rollover demand. After settlement, quarterly options expiring in March were the largest open interest, accounting for over 30% of total open interest, primarily consisting of out-of-the-money call options. The fourth quarter of this year has been arguably the worst in recent years, with poor market sentiment due to cyclical factors and slow industry growth, making sell-side strategies more suitable. (Source: ME)