March 27 Options Expiration Data 68,000 BTC options expired, with a put-call ratio of 0.56, a maximum strike price of $74,000, and a notional value of $13 billion. 370,000 ETH options expired, with a put-call ratio of 0.56, a maximum strike price of $2,250, and a notional value of $2.12 billion. Today is the quarterly settlement date, with approximately 36% of Bitcoin and Ethereum options expiring. A significant number of options were rolled over this week, accounting for over 40% of total open interest at its peak. Furthermore, due to the large-scale settlement, the proportion of calls is high, resulting in a Put-Call Ratio (PCR) of only 0.56. Despite market volatility, trading activity for Bitcoin remains relatively low. Key options data shows Bitcoin’s main-term implied volatility (IV) at 51% and Ethereum’s at 70%. As risk premium (RV) continues to decline, the volatility risk premium (VRP) has been rising; during the first half of this week, the 15-day VRP reached nearly 20%. Bitcoin performed poorly in both price and trading activity during the first quarter of this year, and market confidence remains low. We hope to see an improvement in the second quarter.