#SEC加密资产证券披露指南 「April 11th data on rights settlement: 28,000 BTC options expire, Put Call Ratio is 0.88, maximum pain point is $81,500, notional value is $2.26 billion. 184,000 ETH options expire, Put Call Ratio is 0.92, maximum pain point is $1,700, notional value is $280 million.

This week, sentiment is quite fearful, with Trump's frequent changes in tariff policy greatly heightening market risk aversion. We expect that the trade war and tariff conflict are far from over, and market uncertainty will continue for a long time, with market volatility also persisting for an extended period. The settlement volume accounts for more than 10% of the total open interest, with the largest open interest currently being in the June quarterly options. The open interest for the April options is basically on par with that of June, and the market structure is largely consistent with last week, mainly due to the prevailing low sentiment.

The implied volatility (IV) of BTC has significantly decreased, with various maturities maintaining around 50%, while ETH's IV remains at a higher level, with medium to short-term volatility around 80%. Therefore, selling ETH options in the short term would be a good choice. The cryptocurrency market currently lacks new funds and new narratives, and investor sentiment is relatively gloomy. In this poor market environment transitioning from bull to bear, the probability of a black swan event will significantly increase, making it a good choice to buy some deep out-of-the-money puts.»#BTC #ETH