March 6 Options Expiration Data 32,000 BTC options expired with a Put-Call Ratio of 1.69, maximum pain point at $69,000, and notional value of $2.3 billion. 184,000 ETH options expired with a Put-Call Ratio of 0.85, maximum pain point at $1,950, and notional value of $380 million. The crypto market rebounded this week, with Bitcoin firmly holding above the $70,000 psychological threshold and now poised to challenge $75,000. However, options market data indicates that selling call options has dominated trading over the past two days. Despite ongoing price gains, momentum has slowed. Tomorrow sees the expiration of options representing 7% of total open interest—nearly the lowest level recently—while Bitcoin's position share has reached a recent peak. Benefiting from the recent rebound, implied volatility for both Bitcoin and Ethereum has risen this week. BTC's main-term IV stands at 55%, while ETH's main-term IV is at 75%. In terms of trading activity, large-volume call options dominate the market. Key options metrics show Skew has rebounded across the board, indicating a noticeable improvement in market sentiment. However, the market remains in a bearish phase. The current value proposition for chasing rallies is mediocre, and the bottom has yet to be confirmed.(Greeks.live)