On April 11, Greeks.live analyst Adam posted on social media, "April 11 option delivery data: 28,000 BTC options expired, Put Call Ratio was 0.88, with a maximum pain point of 81,500 US dollars and a nominal value of 2.26 billion US dollars. 184,000 ETH options expired, Put Call Ratio was 0.92, with a maximum pain point of 1,700 US dollars and a nominal value of 280 million US dollars.

This week, sentiment was quite scary, and Trump's frequent conversion of tariff policies has made the market extremely risk aversion. We expect that the trade war and tariff war are far from over, and market uncertainty will continue for a long time, and market volatility will continue for a long time. The delivery volume accounts for more than 10% of the total holdings. The largest holdings are currently the quarterly options in June. The option holdings in April are basically the same as in June. The market structure is basically the same as last week, mainly due to the sluggish sentiment.

The implicit volatility IV of BTC has dropped significantly. Currently, each term is basically maintained at around 50%, while the IV of ETH has maintained a high level, and the volatility in the short-term period remains around 80%. Therefore, selling ETH options in the short term will be a good choice. Cryptocurrencies currently lack new funds and new narratives, and investor sentiment is relatively low. In this poor market situation where bulls turn into bears, the probability of black swans occurring will increase significantly, and buying some deep imaginary value bearishness will be a good choice. ”