VanEck: Bitcoin miners maintain "mine and sell" status, option market defense signals reach peak levels
BlockBeats News, on March 20, Matthew Sigel, Head of Digital Asset Research at VanEck, posted on social media stating that bitcoin's 30-day average price has dropped by 19%, but the spot price has stabilized. Market volatility has significantly declined, realized volatility has fallen from 80% to 50%, and futures funding rates have decreased from 4.1% to 2.7%.
On-chain activity has cooled down, with transfer volume decreasing by 31% and average daily fees dropping by 27%. The distribution rate of long-term holders has slowed. On the miner side, they have basically maintained a "mine and sell immediately" status, selling almost all newly issued bitcoin.
Defensive sentiment in the options market has reached its peak, with the average put/call open interest ratio at 0.77, marking a new high since June 2021; the premium of put options relative to spot trading volume has reached a historic high of 4 basis points.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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