[April 3rd Options Settlement Data]
28,000 BTC options expired, with a put/call ratio of 0.54, a maximum support level of $68,000, and a notional value of $1.8 billion.
156,000 ETH options expired, with a put/call ratio of 0.73, a maximum support level of $2,075, and a notional value of $320 million.
Today is the first weekly settlement after the quarterly settlement date. Bitcoin options market share has reached a new level, clearly exceeding 80%. In terms of maturity, the most open interest is currently in late April and late June options, each accounting for around 23%. Ethereum has a higher concentration, with June options accounting for the largest share at approximately 30%, indicating higher trading activity in Bitcoin options.
The market is relatively weak; small rebounds will quickly fall back to 66K. Cryptocurrency trading activity remains low, and several DeFi projects have exhibited typical bear market characteristics.
Looking at key options data, Bitcoin's implied volatility (IV) for the main term has fallen below 51%, and Ethereum's (ETH) IV for the main term has also dropped below 70%. Reverse volatility (RV) continues to decline, while VRP rose during the week but has now fallen back to near the zero line. Skew has decreased slightly, but the magnitude is negligible.
Bitcoin performed poorly in both price and market sentiment in the first quarter of this year, and the first week of the second quarter was also weak. Rebuilding confidence will likely require time and financial support. Currently, all indicators point to bear market characteristics.
