Crypto Fear and Greed Index is at Level 29, Why did the Crypto Market Crash Today?
Jakarta, Pintu News – One of the biggest daily options maturities of the year will hit the markets on Friday (March 27), and the countdown has already begun. Bitcoin and Ethereum options contracts totaling $16.4 billion are scheduled to expire at 08:00 UTC.
Then, how is the fear and greed index crypto moving right now?
Fear and Greed Crypto Index Today
The latest data from the CMC Crypto Fear and Greed Index shows that crypto market sentiment is currently at 29, indicating fear. This number reflects that market participants tend to be cautious and still have concerns about price movements in the short term.
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When viewed from the historical trend, this condition is relatively stable compared to the previous day which was also at the level of 29. Meanwhile, last week, the index was at the level of 32, which is still included in the fear category, although it is slightly more optimistic than today.
The total crypto market capitalization currently stands at $2.37 trillion, down 2.67% on the day, while the average crypto asset RSI stands at 40.99, close to the oversold area. Among the major assets, Solana fell 4.62% to $87.52, Dogecoin led the decline with a 5.18% correction, and XRP lost 3.06% to $1.36.
What’s Really Going on in the Crypto Market?
When options mature on this scale, the market usually faces what traders call “max pain”, which is the price level at which the number of contracts that expire worthless reaches the highest point and market makers’ losses are the smallest. For Ethereum, that level is $2,300, which is higher than the current ETH price of $2,067.
The larger the value of options expiring, the stronger the price push towards that level in the final hours before maturity. With the value reaching $16.4 billion, that pressure is currently considerable.
Bitcoin Takes the Largest Portion
Bitcoin accounts for a large portion of the total notional exposure of $16.4 billion. With BTC now trading around $68,969, the tug-of-war between option holders and spot market traders is already underway. Both sides are jockeying for position ahead of Friday’s deadline, and a sharp move in either direction before 08:00 UTC is highly likely.
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Meanwhile, Ethereum, which was trading at $2,067 when this article was written, is still quite far below its max pain level of $2,300. This difference is quite large. This means that ETH option sellers have a strong incentive to push the price up ahead of expiry, while put holders want the price to stay in its current range.
What Happens After Maturity
Once these options expire, $16.4 billion worth of open interest will disappear from the market. At the same time, the “gravity” effect of max pain will also disappear, and it is usually at this point that the market starts to show the true direction of movement.
If Bitcoin and Ethereum were previously under pressure ahead of maturity, the removal of that pressure could trigger a sharp price increase. However, if they were already overheated heading into Friday, the unwind process could push prices in the opposite direction. Both possibilities are equally open.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coinpedia. Why is Crypto Crashing Today: $16.4 Billion in Bitcoin and Ethereum Options Expire Friday. Accessed on March 27, 2026
