Odaily Planet Daily News Greeks.live posted on the X platform 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. 350,000 ETH options are about to expire, with a put-call ratio of 0.58, a maximum pain point of $3,200, and a notional value of $1.3 billion. ETH took over the BTC rally, and encouraged by the progress of the ETF, it rose 20% in a single day, and the short-term option IV once reached 150%, much higher than the current IV of BTC in the same period. Now BTC and ETH are clearly diverging. Judging from the overall market trading and market trading structure, ETH's bullish sentiment is still strong, but it is difficult to maintain high IV in major terms, and calendar spreads will be a better choice. On the contrary, BTC is more balanced between long and short, and the power of selling call options is stronger.