Key Points
- The crypto market recorded a slight decline today ahead of crypto options expiry on Deribit.
- PCE inflation data was released earlier, higher than expected.
Bitcoin recorded a descending trajectory today, dropping from over $87,000, a price recorded on March 27, to $84,000 levels earlier, before a rebound above $85,000.
Today a significant amount of Bitcoin and Ethereum options expired, triggering market volatility.
Over $12 Billion Bitcoin Options Expired
This morning, over $12 billion in BTC options expired with a Put Call Ratio of 0.49 and a Max Pain Point of $85,000. Also, over $2.1 billion in ETH options expired with a Max Pain Point of $2,400 and a Put Call Ratio of 0.39.
Greeks.live noted that the huge Q1 options expiry event brought volatility in the market.
However, Bitcoin‘s major term volatility fell below 50%, while ETH’s remains near 60%. They also noted that the market lacks momentum, as new funding is needed together with new narratives to fuel the market.
Otherwise, investor sentiment becomes sluggish, with no signs of reversal visible in the short term.
28 Mar Options Data
139,000 BTC options are expiring with a Put Call Ratio of 0.49, a Maxpain point of $85,000 and a notional value of $12.1 billion.
301,000 ETH options are expiring with a Put Call Ratio of 0.39, a Maxpain point of $2,400 and a notional value of $2.13 billion.… pic.twitter.com/1zcEz3VBss— Greeks.live (@GreeksLive) March 28, 2025
Also, today, important economic data was released in the US.
PCE Report for February Released
The key inflation metric in the US for February was 2.8% above target due to tariff policies, Forbes noted.
Economists were reportedly expecting core PCE inflation of 2.7% according to median forecasts tracked by FactSet, while the Fed Chair, Jerome Powell, said last week that the US central bank expected a 2.8% YoY increase.
The core PCE inflation is above the central bankers’ target of 2% – this threshold was not met since February 2021.
The overall PCE inflation was 2.5% last month, matching the Fed’s projections.
On the other hand, the US is expecting a QE in April, as promised by the Fed after their recent FOMC meeting. Trump also said recently that the Fed should cut interest rates, which could also turn out bullish for the Bitcoin market.
The US expects the codification into law of Trump’s Bitcoin Executive Order and other crypto-friendly legislation that would support the overall market, amidst increasing global adoption.
