Analyst: Options with a nominal value of $2.12 billion are expiring today, and various market indicators are showing typical bear market characteristics.

BlockBeats message, April 3, according to Greeks.live data, 28,000 BTC options will expire today. The Put Call Ratio is 0.54. The maximum pain point is $68,000, with a notional value of $1.8 billion.

In addition, 156,000 ETH options will expire today. The Put Call Ratio is 0.73. The maximum pain point is $2,075, with a notional value of $320 million.

Greeks.live analyst Adam said that today is the first weekly expiration after the quarterly settlement date. Bitcoin options’ market share has reached another new milestone, already clearly exceeding 80%. In terms of maturities, the positions with the most open interest are currently at the end of April and the end of June, each accounting for around 23%. Ethereum has a higher concentration: the June options have the largest share, at about 30%. This also indicates that Bitcoin options trading activity is higher.

Market conditions are relatively weak. Any small rebound will immediately drop back to $66,000. Trading activity in crypto is still relatively low, and there are multiple classic bear-market signs such as DeFi projects blowing up.

Looking at key options data, Bitcoin’s main-term IV has fallen below 51%, and ETH’s main-term IV has also declined to below 70%. RV is continuing to fall as well. VRP rises during the week, but it has now dropped back near the zero axis. Skew is down slightly, but the magnitude is negligible.

In the first quarter of this year, Bitcoin performed poorly in both price and momentum. The first week of the second quarter also performed poorly. Rebuilding confidence may still require time and financial support. At present, all indicators point to classic bear-market characteristics.