ChainThink report, March 20: According to data from Greeks.live, 23,000 BTC options will expire today, with a Put/Call Ratio of 0.88, the maximum pain point at $70,000, and a notional value of $1.6 billion.

Additionally, 176,000 ETH options will expire today, with a Put/Call Ratio of 1.04, the maximum pain point at $2,150, and a notional value of $370 million.

Greeks.live analyst Adam stated that the current crypto market rally has concluded. Bitcoin once broke below the psychological threshold of $70,000, and the $75,000 level has been frequently cited as a key resistance zone over the past week. With 5% of options concentrated at this price level ahead of the month-end expiry, the breakout ultimately failed, leading to a pullback near $70,000.

This Friday marks quarterly settlement. From options market data, $75,000 is the most heavily concentrated holding price, serving as an absolute resistance level. Below, $65,000, $62,000, and $60,000 are all dense positioning zones, acting as potential support levels during a downturn. This week’s major-term options IV and RV have remained largely unchanged; BTC’s primary-term IV sits at 50%, while ETH’s main-term IV is at 70%. As RV continues to decline, VRP remains on an upward trajectory.

Only 5% of total open interest is set to expire, marking a new record low. Despite minor volatility, Bitcoin’s trading activity remains at an extreme low. With the price correction, Skew has declined across the board, confirming that the market remains in a bearish phase, and bullish sentiment remains fragile.