【April 4th Options Expiration Data】

26,000 BTC options expired, Put Call Ratio at 1.24, maximum pain point at $84,000, nominal value of $2.2 billion.

220,000 ETH options expired, Put Call Ratio at 1.42, maximum pain point at $1,850, nominal value of $400 million.

This week is the first expiration after the quarterly settlement. To smoothly get through the quarterly settlement, large holders have accumulated a significant number of put options this week. Subsequently, due to the market's weakness, these options were mostly held until expiration, and the final settlement price also closed near the maximum pain point.

The settlement volume accounted for more than 10% of the total open interest, with the largest open interest being in the June quarterly options. The trading and open interest ratio of put options is on the rise, and the market structure of open interest is showing subtle changes.

Implied volatility (IV) has maintained a high level, with BTC's main term volatility rising to over 50%, while ETH's main term volatility remains around 65%, both showing varying degrees of increase compared to last week, responding to the uncertainty brought by Trump and the US stock market to the global macro market.

Currently, the cryptocurrency market lacks new inflows and narratives, resulting in relatively low investor sentiment. In this poor market transition from bull to bear, the probability of a black swan event will significantly increase, and buying some deep out-of-the-money puts would be a good choice.