On April 18, there will be 23,000 BTC options expiring, with a Put Call Ratio of 0.96, a maximum pain point of $82,000, and a notional value of $1.97 billion. 177,000 ETH options will expire, with a Put Call Ratio of 0.84, a maximum pain point of $1,600, and a notional value of $280 million. In addition, the market has calmed down significantly this week, and the news released by Trump has been less frequent, causing the market to cool off quickly. Currently, the short-term RV is only 30%, and IV has also dropped significantly this week, falling below 40%. The medium to long-term RV is between 50% and 60%, with IV concentrated around 50%. The expectation of a trade war and tariff war is far from over, and the uncertainty in the market will continue for a long time, as will the market volatility. The delivery volume accounts for less than 10% of the total open interest, and the PCR has remained at a relatively high level recently, reflecting that the market's concern about a downturn clearly outweighs expectations for an upturn. The open interest of April and June options has remained around 25%, indicating a relatively stable market structure, with a high probability of consolidation. However, we are currently in the painful transition period from bull to bear, and investor sentiment is relatively low. In this poor market condition of transitioning from bull to bear, the probability of a black swan event is significantly increased, and buying some deep out-of-the-money puts would be a good choice.