Greeks.live: The crypto market currently lacks new funds and narratives, and there are no signs of a reversal in the short term after quarterly delivery

Analyst Adam from Greeks.live stated that the options delivery data for March 28 are as follows: 139,000 BTC options expired with a Put Call Ratio of 0.49, the maximum pain point was $85,000 and the nominal value was $12.1 billion. Also, 301,000 ETH options expired with a Put Call Ratio of 0.39, the maximum pain point was $2,400 and the nominal value was $2.13 billion.
This week is quarterly delivery; overall market performance in Q1 did not meet most people's expectations and there were significant fluctuations during this period which ended at lower prices within range. The volume delivered accounted for more than 40% of total holdings; nearly 80% of it consisted of BTC option deliveries while almost 20% were ETH option deliveries - Sol had only a mere share of about two percent among other currencies despite many doubts about ETH but its market structure remains intact nonetheless.
The implied volatility (IV) slightly decreased with BTC's main term volatility falling below fifty percent across board while ETH's main term volatility generally remained around sixty percent.
Currently lacking new funds and narratives in cryptocurrency markets has led to investors becoming less responsive; no signs of reversal can be seen short-term after quarterly delivery as double-selling operations by large holders are increasing.
Option market makers have started to increase their selling intensity again implying that there is still room for IV to decrease further making it difficult for buyers in future transactions.