【March 20 Options Settlement Data】

23,000 BTC options expiring, Put Call Ratio of 0.88, maximum pain point at $70,000, notional value of $1.6 billion.
176,000 ETH options expiring, Put Call Ratio of 1.04, maximum pain point at $2,150, notional value of $370 million.
The crypto market's current rally has ended, with Bitcoin briefly breaking below the $70,000 round number. In the past week, $75,000 has been frequently mentioned as a key resistance level, with 5% of month-end options accumulated at this price. The final breakout attempt failed and prices retreated to near $70,000.
Next Friday is the quarterly settlement. Based on options market data, 75K is the price with the most concentrated open interest and is an absolute resistance level. Below that, 65K/62K/60K are all densely positioned areas that can be considered as downside support. This week, the IV and RV of main-term options remain basically unchanged, with BTC's main-term IV at 50% and ETH's main-term IV at 70%. Declining RV continues to push VRP higher.
Only 5% of total open interest in options expire, continuing to set new lows. Despite volatility, Bitcoin's trading heat remains at an extremely low level. Due to price retreat, Skew has declined across the board, with the market still in a bear trend and bullish momentum extremely fragile.