Bitcoin and Ethereum options with a notional value of $2.12 billion are expiring today.

Golden Finance reports that on April 3, according to data from Greeks.live, 28k BTC options will expire today, the Put Call Ratio is 0.54, the maximum pain point is $68,000, and the notional value is $1.8 billion.
In addition, 156k ETH options will expire today, the Put Call Ratio is 0.73, the maximum pain point is $2,075, and the notional value is $320 million.
Greeks.live analyst Adam said that today is the first weekly expiration after the quarterly settlement date. The market share of Bitcoin options has climbed to a new level and is already clearly above 80%. In terms of maturities, currently, the biggest open-interest positions are at late April and late June, each accounting for about 23%. Ethereum has a higher concentration: the June options account for the largest share at about 30%, which also indicates that Bitcoin options have higher trading activity.
The market is relatively weak. Any small rebound will immediately fall back to $66k. Trading interest in crypto is still on the low side, and there are typical bearish-market signals as multiple Defi projects have blown up.
Looking at the main options data, Bitcoin’s main-term IV has fallen below 51%, and ETH’s main-term IV has also dropped to below 70%. RV continues to decline as well. VRP has risen within the week, but it has currently fallen back to around the zero line. Skew is down slightly, but the magnitude is negligible.
In this year’s first quarter, Bitcoin performed poorly in both price and overall momentum, and the first week of the second quarter also performed poorly. Rebuilding confidence may still require time and funding support. At present, all indicators point to bearish-market characteristics.