A brand new record for flushed out longs.

RSI says a bounce is due, but I think we unfortunately hold this pattern until Trump gets his way with zero'd interest rates.

March options expiry may still bring some relief, but macro just seems to be in full-blown collapse.

March Options expiry has come to pass.

Nice to see us at $85k currently but I'm more interested in how the SPX opens tomorrow.

I'm hoping we've put in some sort of bottom macro-wise, but I think it'll be May or June (end of QT + hopefully rates cut) before we really know for sure.

e/acc || Building @ /imgn || Dogecoin core dev 2013/14

So, generally speaking, market participants will buy options to hedge their longer term positions. With the market having a rough start to the year, it can be assumed that a lot of traders would’ve loaded up on puts (shorts) to hedge the spot that was accumulated over the past year or so.

Options expiry basically means those positions must be settled/traders must now exercise their options if they wish to - so in the case of the market being short, it means they now have to buy back the BTC used to open their shorts (and lock in the profit on the price drop).

So usually this means that options expiry can mark a reversal - particularly when it comes to quarterly options expiring.

A relief bounce is in no way assured ofc, traders may use this period to just load up more shorts. But there’s usually a decent chance of some relief at options expiry after 3 months of bearish action.