Wu said that according to Greekslive, 21,000 BTC options expired, with a Put Call Ratio of 0.87, a maximum pain point of $101,000, and a nominal value of $2.04 billion. 173,000 ETH options expired, with a Put Call Ratio of 0.5, a maximum pain point of $3,750, and a nominal value of $590 million. Based on the experience of previous bull markets, a major correction in Bitcoin will usher in a copycat season, but the strength of Bitcoin's correction is still uncertain. ETF funds began to flow out significantly, and market makers continued to adjust their positions. Recently, large call option transactions accounted for a high proportion, with an average daily share of more than 30%. More than 40% of options will expire by the end of the year, and the large amount of released margin is likely to drive the implied volatility down.