Today (March 27) is the largest options expiration date for Q1, with nearly 40% of BTC options contracts expiring on Deribit, totaling approximately $15 billion.

The biggest pain point remains at $75,000, but the current price is far from this level. The Put/Call Ratio of 0.6 indicates a dominance of bullish options. One should be wary of the risk of implied volatility (IV) crashing before and after expiration—buying short-term options at high levels can lead to losses even if the direction is correct.

The battle between bulls and bears intensifies, with a directional choice in the 69K-71K range. Large holders have started to extend their bullish options to June/September, still maintaining expectations for the second half of the year.

Before the expiration takes place, it’s better to watch more and act less, and avoid getting washed out by the up and down spikes. $BTC #options expiration