Wu said that according to Greekslive, on November 29, 98,000 BTC options expired, with a Put Call Ratio of 0.84, a maximum pain point of $80,000, and a notional value of $9.48 billion. 412,000 ETH options expired, with a Put Call Ratio of 0.75, a maximum pain point of $2,900, and a notional value of $1.47 billion. Market sentiment is optimistic, ETH leads the rebound, and altcoins rotate upward. However, the options market shows a cautious sentiment, and institutions are worried about the volatility of the year-end market. More than 40% of positions will expire next month, and the Christmas market and position transfer operations may put pressure on implied volatility.