The cryptocurrency market continues to struggle with a lack of fresh capital and new trends. According to Greeks.live analyst Adam, the market shows no signs of a short-term reversal following the latest quarterly options distribution.
Current State of the Cryptocurrency Market
Analyst Adam shared that today 139,000 Bitcoin (BTC) options expired with a Put-Call ratio of 0.49, a maximum loss of $85,000, and a total notional value of $12.1 billion. As for Ethereum (ETH), 301,000 options expired with a Put-Call Ratio of 0.39, the maximum loss was $2,400, and the notional value was $2.13 billion.
Quarterly Options Distribution
Three-month expirations accounted for over 40% of total positions, with BTC options making up around 80% of the total expiry volume and ETH options around 20%. Among other cryptocurrencies, Solana (SOL) had the highest distribution volume outside of BTC and ETH, accounting for just 2% of the total.
Near-term Forecast
Despite concerns over Ethereum's market performance, the composition of open interest remained stable. Meanwhile, implied volatility (IV) decreased slightly, with BTC's underlying volatility falling below 50%, while ETH's remained around 60%. The near-term outlook remains bearish as investor sentiment weakens and major market makers increase selling pressure.
The absence of a fresh bullish catalyst could keep the market stagnant, making it more difficult for buyers to gain momentum.
