TechFlow news — On March 28, Adam, macro researcher at GreeksLive, posted that this week marks the quarterly expiry. The overall market performance for Q1 has largely missed most people's expectations, with significant volatility throughout the period, ultimately closing at the lower end of the trading range. Expiry volume accounted for over 40% of total open interest, with BTC options making up nearly 80% of the total expiry volume, ETH options around 20%, and Solana—the largest among other altcoins—only 2%. Despite widespread skepticism toward ETH, its market position in terms of holdings remains stable.
Implied volatility (IV) declined slightly, with BTC’s key tenors all falling below 50%, while ETH’s main tenors remained around 60%. Currently, the crypto market lacks fresh capital and new narratives, causing investor sentiment to grow increasingly dull. After the quarterly expiry, there are still no signs of a short-term reversal, and more large traders are adopting short straddle strategies. Market-making institutions are ramping up their selling activity again, suggesting further room for IV to decline in the near term, making it more challenging for option buyers going forward.
