Greeks.live: Option data shows the market entering a wait-and-see mode, still in a bearish trend

March 12th — Greeks.live shared key March 13th option expiration data on social media: - **Bitcoin (BTC):** 26,000 options expiring; Put/Call Ratio = 0.9; Max Pain = $69,000; Nominal value = $1.8 billion - **Ethereum (ETH):** 182,000 options expiring; Put/Call Ratio = 1.21; Max Pain = $2,000; Nominal value = $380 million The crypto market extended its rebound this week, with Bitcoin retaking the $70,000 level but showing weakening momentum. Per options market metrics: - Implied volatility (IV): Short-to-medium-term IV dropped, while medium-to-long-term IV ticked up slightly - Key tenor IV: BTC = 50%, ETH = 70% (realized volatility, RV, saw a steeper decline) Tomorrow, only 6% of total open interest (OI) will expire — the lowest level in recent years — signaling Bitcoin trading activity has hit an extremely low ebb. A bright spot: This week’s Max Pain level stopped declining, rebounding after months of losses. In trading: Bullish and bearish trades each made up ~25% of volume in both block trades and order books, with no single option dominating. Skew showed minimal fluctuations, indicating clear market indecision. The market remains bearish overall, with recent AI hype failing to drive improvements.