Wu said that according to Greekslive, 18,000 BTC options are about to expire, with a Put Call Ratio of 0.65, a maximum pain point of $61,500, and a nominal value of $1 billion. 164,000 ETH options are about to expire, with a Put Call Ratio of 0.36, a maximum pain point of $3,350, and a nominal value of $470 million. At the beginning of July, major cryptocurrencies fell to new lows in months. As soon as the quarterly delivery was completed, the market experienced huge fluctuations. The IV of major maturities increased significantly, the IV of mainstream currency put options increased significantly, and the term structure showed an inverted phenomenon of far lows and near highs.