PANews reported on March 20 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 spot prices have 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 cooled, with transaction volume down 31%, daily transaction fees down 27%, and the distribution speed to long-term holders slowing. Miners largely maintained a "mine-and-sell" approach, selling almost all newly issued Bitcoin. Defensive sentiment in the options market peaked, with the average put/call 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.