2026-03-26 17:45至18:00（UTC），比特幣（BTC）在15分鐘內收益率錄得-0.69%，價格區間於68385.8至68956.2 USDT，振幅為0.83%。短周期內波動加劇，市場關注度迅速提升，表現為集中的下行壓力。 本次異動的主要驅動力是臨近期權到期，相關持倉投資者為應對“最大痛點”區域（75,000-80,000美元）集中進行短線頭寸調整，叠加期權Put/Call比值

BlockBeats News: On March 25, Japanese Bitcoin crypto treasury (DAT) company Metaplanet announced the launch of the shareholder-exclusive credit card "Metaplanet Card," which will be put into use this summer. Cardholding shareholders will automatically receive 1.6% cashback in equivalent Bitcoin on daily consumption purchases, converting every card swipe into direct Bitcoin investment.

The bitcoin derivatives market has recently shown changes, with traders investing approximately $685 million in put options over the past 30 days, reflecting cautious market sentiment. This shift demonstrates investors transitioning from aggressive strategies to risk management, particularly amid increased macro uncertainty. Rising demand for put options typically signals future price risks, as investors seek balance between controlling drawdowns and locking in gains.

Gate News reported that on March 20, according to Greeks.live data, 23,000 BTC options will expire today with a Put Call Ratio of 0.88, maximum pain point at $70,000, and notional value of $1.6 billion. Additionally, 176,000 ETH options will expire today with a Put Call Ratio of 1.04, maximum pain point at $2,150, and notional value of $370 million. Next Friday (March 27) will see quarterly settlement.

Gate News消息，3月20日，VanEck最新比特币链上报告显示，比特币期权交易者看跌情绪升至五年来最高水平。数据显示，上月看跌/看涨比率峰值達0.84，均值為0.77，處於2019年中以來最看跌的9%區間。期權未平倉合約總規模突破330億美元，看跌期權溢價創歷史新高，顯示機構投資者正大規模買入下行保護。

Before Bitcoin quarterly options expiration, the $20,000 put option strike became the third most popular open interest, reflecting traders' expectations for extreme downside scenarios. Despite elevated market panic sentiment, call options remain slightly more than put options, with overall sentiment leaning bullish.

Bitcoin's rise is mainly driven by put option selling at $55,000 and $60,000 levels, with traders closing positions forcing market makers to buy Bitcoin. The rally lacks bullish call buying, and as Bitcoin breaks through $76,000 today, it's pushing the crypto market higher.

2026-03-09 03:00至03:15（UTC），ETH價格在15分鐘內快速上漲，收益率達+1.92%，K線報1959.2至1997.54 USDT，振幅1.96%。市場波動明顯放大，用戶關注度顯著提升。 本次異動的主要驅動力是期權到期資金流釋放與鏈上巨鯨持續加倉。數據顯示，ETH期權到期總金額達6.69億美元，開放利息21萬餘張、Put/Call比為0.78，市場看漲情緒顯著。大量合約

根據Gate研究院的觀察，當前比特幣（BTC）和以太坊（ETH）的隱含波動率分別為55%和74%，反映出期權市場對短期價格波動的高預期。近期BTC和ETH的負Delta偏斜顯示短期Put需求上升。Gamma分布集中在3月13日附近，可能導致波動放大。大宗期權交易方面，BTC和ETH分別出現了顯著的買入交易。

2月13日，3.8萬張BTC期權和21.5萬張ETH期權到期，BTC和ETH的Put Call Ratio分別為0.71和0.82，加密市場繼續下跌，市場信心不足，但看跌期權主導，抄底力量有所出現，熊市仍在繼續。