28 Mar Options Data 139,000 BTC options are expiring with a Put Call Ratio of 0.49, a Maxpain point of 85,000 and a notional value of 12.1 billion. 301,000 ETH options are expiring with a Put Call Ratio of 0.39, a Maxpain point of 2,400 and a notional value of 2.13 billion. This week was quarterly delivery, and the quarter as a whole was less than most expected, with more volatility during the period, and ultimately closing at the lower end of the price range. Deliveries accounted for more than 40% of the total position, of which BTC options accounted for nearly 80% of the total deliveries, ETH options accounted for nearly 20% of the total deliveries, and the largest of the altcoins, Sol, was only 2%, and despite the fact that ETH is subject to a lot of questioning, the market pattern of the position is still maintained. Implied volatility declined slightly, with BTC major term volatility falling below 50% across the board and ETH major term volatility remaining near 60% overall. Cryptocurrencies are currently lacking new incoming funds and new narratives, investor sentiment is starting to become sluggish, with no signs of reversal still visible in the short term after quarterly delivery, and large double selling is becoming more frequent. Options market makers are re-increasing the intensity of selling, short-term IV still has room to fall and buyers will have a harder time next.