Option delivery data on March 21st22000 BTC options have expired, with a Put Call Ratio of 0.84, a maximum pain point of $85000, and a nominal value of $1.83 billion. 133000 ETH options have expired, with a Put Call Ratio of 0.62, a maximum pain point of $2000, and a nominal value of $260 million. This week, the market was relatively flat, with the total amount of options delivered decreasing by nearly half, and the short-term implied volatility IV significantly decreasing. The short-term volatility of BTC fell below 50%, and the short-term volatility of ETH also returned to around 60%, with short-term volatility close to halving. Cryptocurrencies enter a freely oscillating sideways state, and investor sentiment begins to become sluggish. As the time approaches quarterly delivery, large investors generally prioritize stability during this time. Option market makers are increasing the intensity of selling and tightening IV, which is a bet on short-term sideways trends in the future. Recently, there haven't been many significant events in cryptocurrency, and the uncertainty has greatly decreased. Market makers are rushing to recover profits, and buyers will find it difficult to do so in the next two weeks.