VanEck: Bitcoin miners continue to "mine and sell immediately," options market defensive signals reach all-time high.

CoinFeed reported on March 20th that Matthew Sigel, Head of Digital Asset Research at VanEck, posted on social media that Bitcoin's 30-day average price has fallen by 19%, but the spot price has stabilized. Market volatility has significantly decreased, with realized volatility dropping from 80% to 50%, and futures funding rates falling from 4.1% to 2.7%. On-chain activity has cooled, with transaction volume down 31%, average daily transaction fees down 27%, and the distribution speed to long-term holders slowing. Miners are essentially maintaining a "mine-and-sell" approach, selling almost all newly issued Bitcoins. Defensive sentiment in the options market has peaked, with the average put/call option open interest ratio at 0.77, a new high since June 2021; the put option premium relative to spot trading volume reached a record high of 4 basis points.