TechFlow News: On April 3, according to macro researcher Adam (@BTC__options) from Greeks.live, a total of 28,000 BTC options expired, with a Put/Call Ratio of 0.54, a max pain point at $68,000, and a notional value of $1.8 billion. Meanwhile, 156,000 ETH options expired, with a Put/Call Ratio of 0.73, a max pain point at $2,075, and a notional value of $320 million. BTC options’ market share has clearly surpassed 80%, and trading activity remains higher than that of ETH. Key options data show that BTC’s primary-term implied volatility (IV) has fallen below 51%, while ETH’s primary-term IV has dropped below 70%; realized volatility (RV) continues to decline. Adam noted that BTC performed poorly in both price and market sentiment during Q1 this year, and the first week of Q2 was similarly weak. Coupled with multiple DeFi project collapses, all indicators point to bearish characteristics, and market confidence will require time and capital support to rebuild.
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