【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.
This round of crypto market rebound has ended. Bitcoin once fell below the $70,000 round number, and $75,000 has been frequently mentioned as a key resistance level in the past week. Month-end options have 5% concentration at this price. Eventually the breakout failed and price fell back to around $70,000.
Next Friday is quarterly expiration. From options market data, 75K is the most concentrated position price and an absolute resistance level. Below that, 65K/62K/60K are all dense position zones that can be considered as support levels for downside moves. This week's main-term options IV and RV remain 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 open interest in options are expiring, continuing to create the lowest level. Despite volatility, Bitcoin's trading heat remains at extreme lows. Due to price pullback, Skew has declined across the board. The market remains in a bear trend with very weak bullish momentum.