Analysts: Q4 of this year saw the worst performance for crypto markets in recent years, making a sell-side strategy suitable at this time.

Adam, a macro researcher at Greeks.live, posted on the X platform that 267,000 BTC options are expiring, with a put-call ratio of 0.35, a maximum price threshold of $95,000, and a notional value of $23.6 billion. 1.28 million ETH options are expiring, with a put-call ratio of 0.45, a maximum price threshold of $3,100, and a notional value of $3.71 billion. This year's expiration dates are the largest in history for cryptocurrency options, with nearly $28 billion worth of options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter, only stabilizing at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has fallen below the $3,000 mark, with four consecutive months of decline, indicating a relatively weak market sentiment. Looking at the main options data, implied volatility has been affected by factors such as decreased volatility and the Christmas holidays. BTC's main term IV averages around 40%, and ETH's main term IV is around 60%, both at moderate levels this year. More than half of the options were settled today. Before settlement, the volume and proportion of large-volume option transactions continued to rise, mainly due to the demand for rollover. After settlement, quarterly options expiring in March were the largest open interest, accounting for more than 30% of the total open interest, mainly out-of-the-money call options. The market in the fourth quarter of this year can be said to be the worst in recent years. Due to the cyclical factors and slow development of the industry, market sentiment was poor, making sell-side strategies more suitable.