Greeks.live: crypto market enters a period of sideways oscillations as options deliveries fall sharply

BlockBeats reports that on 21 March, Greeks.live analyst Adam posted on social media, ‘March 21st options delivery data: 22,000 BTC options expired with a Put Call Ratio of 0.84, maximum pain point of $85,000, and notional value of $1.83 billion. 133,000 ETH options expired with a Put Call Ratio of 0.62, maximum pain point of $2,000, and notional value of $260 million. The 133,000 ETH options expired with a Put Call Ratio of 0.62, a maximum pain point of $2,000 and a notional value of $260 million.

The market was relatively flat this week, with the total number of option deliveries falling by nearly half, and short-term implied volatility IV dropping significantly, with short-term volatility in BTC falling below 50% across the board, and short-term volatility in ETH back near 60%, with short-term volatility close to being decimated. Cryptocurrencies have entered a free-swinging sideways trading state, and investor sentiment is starting to become sluggish, as the time is approaching quarterly delivery, and the big players are generally looking for stability at this time of the year.

Options market maker institutions are re-increasing the intensity of their selling and tightening IVs, which is betting on a short-term sideways move ahead. There really haven't been many important events in cryptocurrencies recently, uncertainty is much lower, market makers are grasping at straws to recoup their profits, and the buy side is going to have a tougher time of it in these two weeks.’