21 Mar Options Settlement Data 22,000 BTC options are expiring with a Put Call Ratio of 0.84, a max pain point of 85,000 and a notional value of 1.83 billion. 133,000 ETH options are about to expire with a Put Call Ratio of 0.62, a max pain of 2,000 and a notional value of 260 million. The market was relatively flat this week, with the total number of option deliveries dropping by nearly half, and short-term implied volatility dropping significantly, with short-term volatility falling below 50% across the board in BTC, and short-term volatility back near 60% in ETH, with short-term volatility close to the waist. Cryptocurrencies entered a kind of free-oscillating sideways trading state, investor sentiment began to become sluggish, the time is close to quarterly delivery, and the big players are generally seeking stability at this time as well. Options market maker institutions are re-increasing the intensity of selling and tightening IVs, which is betting on a short-term sideways move ahead. There really hasn't been too many important events in cryptocurrencies recently, uncertainty is much lower, market makers are grasping at straws to recoup their profits, and buyers are going to have a tougher time of it in these two weeks.