39,000 BTC options expire, Put Call Ratio is 0.95, maximum pain point at $118,000, nominal value of $4.6 billion.

280,000 ETH options expire, Put Call Ratio is 1.04, maximum pain point at $4,000, nominal value of $1.3 billion.

BTC reached a new all-time high this week, and ETH also approached its historical peak near $4,800, with market sentiment extremely optimistic. This week, nearly $6 billion in options are set to expire, accounting for 9% of the current open interest. On Thursday, Deribit recorded a single-day transaction of $10.9 billion in options, creating a new milestone on its first trading day after being acquired.

From the main options data, in terms of implied volatility, BTC's IV remains sluggish, with medium to short-term IV maintaining below 35%, while ETH's major term IV remains as high as 70%, matching the current expected volatility for ETH.

Recently, there have been many block trades, with significant block trades existing for both calls and puts, indicating a clear divergence in the options market. Currently, the cost-performance ratio for buying the 4800/5000 bull spread is very high.