【March 13 Options Expiration Data】

26,000 BTC options expiring, Put Call Ratio of 0.9, max pain at $69,000, notional value of $1.8 billion.
182,000 ETH options expiring, Put Call Ratio of 1.21, max pain at $2,000, notional value of $380 million.
The crypto market continued its rebound this week, with Bitcoin reclaiming the $70,000 round number, though rebound momentum is declining. From options market data, short-term and medium-term option IVs decreased this week while long-term option IVs rose, but the magnitude was minimal. BTC's main-term IV is at 50%, ETH's main-term IV is at 70%, while RV decline is more pronounced.
Only options representing 6% of total open interest expire tomorrow, the lowest level in recent years, indicating Bitcoin's trading enthusiasm has reached an extremely low level. However, there is good news—this week's max pain finally stopped declining, ending months of continuous decline with a rebound.
In terms of trading volume, block trades and spot margin were evenly split between calls and puts at one-quarter each, with no single option type dominating. From major options data, Skew shows almost no fluctuation, with the market clearly entering a wait-and-see mode. The market remains bearish, with recent AI hype bringing no improvement.