BlockBeats News, March 20th, Matthew Sigel, Director of Digital Asset Research at VanEck, posted on social media that the 30-day average price of Bitcoin dropped by 19%, but the spot price has stabilized. The market volatility has significantly dropped, with realized volatility decreasing from 80% to 50% and the futures funding rate dropping from 4.1% to 2.7%.
On-chain activity has cooled down, with a 31% decrease in the transfer volume, a 27% reduction in daily fees, and a slowdown in the distribution speed of long-term holders. As for miners, they have mostly maintained a “mine and sell” status, selling off almost all newly issued bitcoins.
The options market has reached a peak in defensive sentiment, with a put/call open interest ratio averaging 0.77, hitting a new high since June 2021; the premium of put options relative to spot volume has reached a historical high of 4 basis points.
