Bitcoin and Ethereum options with a nominal value of $1.97 billion expire today According to Golden Finance, on March 20th, Adam, a macro researcher at Greeks.live, posted on X platform that 23000 BTC options had expired today, with a Put Call Ratio of 0.88, a maximum pain point of $70000, and a nominal value of $1.6 billion. 176000 ETH options have expired, with a Put Call Ratio of 1.04, a maximum pain point of $2150, and a nominal value of $370 million. The current rebound in the cryptocurrency market has come to an end, with Bitcoin falling below the integer level of $70000 at one point. In the past week, $75000 has been frequently mentioned as a key pressure level, with 5% of month end options accumulating at this price. Eventually, the breakthrough failed and the cryptocurrency fell back to around $70000. Next Friday is the quarterly delivery, and according to the options market data, $75000 is the most concentrated price for positions and an absolute pressure level. The areas of 65000/62000/60000 US dollars below are positions intensive and can be considered as downward support. The IV and RV of the main term options remain largely unchanged this week, with BTC's main term IV at 50% and ETH's main term IV at 70%. RV continues to decline, leading to a sustained increase in VRP. Only 5% of the total holdings of options have expired, continuing to hit the lowest level. Despite fluctuations, the trading heat of Bitcoin remains at an extremely low level. Due to the price drop, Skew has experienced a comprehensive decline, and the market is still in a bear market. The bullish force is very fragile.