【April 3rd Options Expiration Data】

28,000 BTC options are expiring, with a Put Call Ratio of 0.54. The maximum pain point is $68,000, with a notional value of $1.8 billion.
156,000 ETH options are expiring, with a Put Call Ratio of 0.73. The maximum pain point is $2,075, with a notional value of $320 million.
Today is the first weekly expiration after the quarterly settlement day. Bitcoin options market share has risen to a new level, clearly exceeding 80%. In terms of expiration dates, the most held positions are at the end of April and June, each accounting for about 23%. Ethereum has an even higher concentration, with June options making up approximately 30%, indicating higher trading activity in Bitcoin options.
The market is relatively weak; a small rebound would immediately fall back to 66K. Cryptocurrency trading activity remains low, and there are multiple signs of a typical bear market, such as the collapse of several DeFi projects.
From the main options data, Bitcoin's implied volatility (IV) for major maturities has fallen below 51%, and ETH's IV for major maturities has also dropped below 70%. The realized volatility (RV) continues to decline, while the Variance Risk Premium (VRP) has increased over the week but has now fallen back near zero. The skew has slightly decreased, but the change is negligible.
In the first quarter of this year, Bitcoin performed poorly in both price and popularity. The first week of the second quarter also showed poor performance. Rebuilding confidence may still require time and capital support. All indicators currently point to bear market characteristics.