Analyst: This year's Q4 crypto market is the worst-performing quarter in history, making it suitable to adopt a seller's strategy.

According to Odaily, Greeks.live macro researcher Adam posted on X: 267,000 BTC options are expiring, with a Put Call Ratio of 0.35, a max pain point at $95,000, and a notional value of $23.6 billions.

1.28 million ETH options are expiring, with a Put Call Ratio of 0.45, a max pain point at $3,100, and a notional value of $3.71 billions.

This year marks the annual expiration date, which is the largest cryptocurrency options expiration in history, with nearly $28 billions in options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter of this year and only stabilized at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has dropped below the $3,000 mark, with four consecutive monthly declines, and market sentiment remains subdued.

Looking at the main options data, implied volatility has been affected by declining volatility and factors such as the Christmas holiday. The main term IV for BTC averages around 40%, while for ETH it is around 60%, both of which are considered moderate levels for this year.

Today, more than half of the options have been settled. Before settlement, block trading volume and the proportion of options trading continued to rise, mainly due to the need for position rolling. After settlement, the quarterly options expiring in March have become the largest position, accounting for more than 30% of total open interest, mainly consisting of out-of-the-money call options.

The fourth quarter market this year can be described as the worst in history. Due to cyclical factors in the industry and slow development, market sentiment is poor, making it more suitable for seller strategies.