[VanEck: Bitcoin Miners Maintain 'Sell Immediately After Mining' Status, Options Market Defense Signal Peaks] March 20 News: Matthew Sigel, Head of Digital Asset Research at VanEck, posted on social media that Bitcoin's 30-day average price has dropped by 19%, but the spot price has stabilized. Market volatility has significantly declined, with realized volatility dropping from 80% to 50%, and futures funding rates decreasing from 4.1% to 2.7%. On-chain activity has cooled, with transfer volume down 31% and daily average fees reduced by 27%. The distribution pace of long-term holders has slowed. As for miners, they have essentially maintained a 'sell immediately after mining' status, selling nearly all newly issued Bitcoin. The defensive sentiment in the options market has reached a peak, with the put/call open interest ratio averaging 0.77, marking a new high since June 2021. The premium of put options relative to spot trading volume has hit a historical high of 4 basis points.