According to Wu, Greekslive revealed that 21,000 BTC options are about to expire, with a Put Call Ratio of 0.88, a maximum pain point of $67,000, and a notional value of $1.4 billion. At the same time, 350,000 ETH options will also expire, with a Put Call Ratio of 0.58, a maximum pain point of $3,200, and a notional value of $1.3 billion. Incentivized by the progress of the ETF, ETH has seen a 20% increase in a single day, and the short-term option IV has once reached 150%, far higher than the current BTC IV in the same period. Judging from the bulk transactions and market transaction structure, ETH's bullish sentiment is still strong, but it is difficult for the IV of each major term to maintain a high level, and the calendar spread will be a better choice. On the other hand, BTC is more balanced in long and short positions, and the selling power is stronger.