The crypto market is experiencing volatility this week, with Bitcoin dropping to $61,500 on March 20 before slightly recovering. Today's significant options expiry event could induce further fluctuations as around 25,300 Bitcoin contracts are set to expire on March 22. Despite being lower than last week's event, a massive expiry worth nearly $10 billion is expected at the end of the month.

Today's tranche of expiring Bitcoin derivatives has a notional value of $1.8 billion, with a put/call ratio of 0.57 for these BTC options, indicating a higher number of calls (long contracts) being sold as compared to puts (short contracts). Market sentiment remains optimistic, as evidenced by the balanced long and short forces and the bullish market basis.

In addition to the large batch of Bitcoin options, approximately 253,000 Ethereum contracts will also expire today, with a notional value of $885 million and a put/call ratio of 0.51. The total market capitalization has retreated 2.5%, dropping to $2.6 trillion as the correction resumes. However, the market remains optimistic, encouraged by the Fed's lack of interest rate adjustments and the recovery of BTC from previous session losses.