【April 25 Options Expiration Data】

78,000 BTC options expired, Put Call Ratio is 0.75, maximum pain point is $86,000, notional value is $7.18 billion.

461,000 ETH options expired, Put Call Ratio is 0.82, maximum pain point is $1,900, notional value is $820 million.

This week, Bitcoin and Ethereum have rebounded strongly, with the main term RV returning to over 55%, IV also returning to over 45%, and multiple term VRPs also back in positive territory, ending a month of negative values, which is rare for such a prolonged negative VRP. Trump's perceived weakness in the trade and tariff wars has given the market a lot of confidence, but market uncertainty will likely persist in the long term.

The delivery volume accounts for a quarter of the total open interest, with a high proportion of put options this month, reflecting the market's concerns about a downturn. However, as the market improves, the proportion of call options expiring in June has significantly increased, indicating a more optimistic outlook for the upcoming market trend.