Gate News reports that on March 26, Greeks.live posted on X that tomorrow (March 27) will see the largest options expiration in Q1 2026, with nearly 40% of options expiring.
Regarding key expiration data, the BTC Max Pain is currently anchored at $75,000, which seems unlikely to be reached given the current situation; the put/call ratio (P/C Ratio) remains around 0.6, relatively low, indicating lower trading volume in puts, but overall sentiment remains bearish.
On volatility (IV) warning, an IV Crush is imminent. The front-end implied volatility (Front-end IV) remains strong as expiration approaches, but once the expiration ends tomorrow, a significant IV Crush (volatility collapse) is highly likely. Short-term options buyers are currently at a severe disadvantage (Theta decay), while sellers have a clear advantage.
Regarding whale and block trades, today’s large trades on Deribit show that smart money is aggressively rolling positions. Many institutions have closed their expiring positions for tomorrow and are heavily building out out-of-the-money (OTM) call options for June and September.
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