【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 to rebound this week, with Bitcoin reclaiming the $70,000 round number again, though rebound momentum is declining. From options market data, short-term to mid-term option IV decreased this week, while long-term option IV increased, but both changes were minor. BTC's primary term IV is at 50%, ETH's primary term IV is at 70%, while realized volatility (RV) declined more noticeably.
Only 6% of total open interest expires tomorrow, reaching the lowest level in recent years, indicating that Bitcoin trading activity has reached an extremely low level. However, the good news is that this week's max pain finally stopped declining, ending a decline that lasted several months with a rebound.
In terms of trading volume, block trades and order book, calls and puts each accounted for a quarter of volume, with no single option type dominating. From the main options data, Skew has almost no fluctuation, indicating the market has clearly entered a wait-and-see mode. The market remains in a bear trend, and recent AI enthusiasm has brought no improvement.