【March 20 Options Expiration Data】

23,000 BTC options expiring, Put Call Ratio of 0.88, max pain at $70,000, notional value of $1.6 billion.
176,000 ETH options expiring, Put Call Ratio of 1.04, max pain at $2,150, notional value of $370 million.
The current rally in the crypto market has come to an end, with Bitcoin briefly breaking below the $70,000 round level. In the past week, $75,000 has frequently been mentioned as a key resistance level, with 5% of month-end options accumulated at this price. The final breakout attempt failed and prices fell back to around $70,000.
Next Friday is the quarterly expiration. From the options market data, 75K is the price with the most concentrated positions and is an absolute resistance level. Below that, 65K/62K/60K are all areas with dense positions, which can be considered as downside support. This week, the IV and RV of major-term options have remained basically unchanged, with BTC's main-term IV at 50% and ETH's main-term IV at 70%. RV continues to decline, causing VRP to continue rising.
Only 5% of total positions are expiring, continuing to reach record lows. Although there is volatility, Bitcoin's trading activity remains at an extremely low level. Due to price pullback, Skew has declined across the board, the market remains bearish, and bullish momentum is extremely fragile.