Crypto Market Continues Bear Phase Amid Increased Implied Volatility

The crypto market continues to experience a bear phase, with neither new capital nor hot topics driving momentum.

According to recent options data, a large number of call options were traded in the past two days, indicating a possible bottom-fishing force in the market. The rebound has increased implied volatility for both Bitcoin and Ethereum, but confidence remains low.

The upcoming expiration of options accounting for 20% of total open interest, totaling nearly $9 billion, may have a significant impact on market dynamics. With a high open interest level in recent years, traders should be cautious of potential price fluctuations.