Odaily News Adam YuX, a macro researcher at Greeks.live, said that 18,000 BTC options expired, with a Put Call Ratio of 0.67, a maximum pain point of $70,000, and a nominal value of $1.25 billion. 260,000 ETH options expired, with a Put Call Ratio of 0.64, a maximum pain point of $3,650, and a nominal value of $1 billion. This week, the Bank of Canada and the European Central Bank initiated interest rate cuts, and the entire venture capital market performed well. The crypto market is now driven by the dual wheels of BTC ETF and ETH ETF. The macro and news aspects are clearly differentiated, and the market atmosphere is relatively optimistic. Now the IV of each major term of BTC is around 50%, and the IV of each major term of ETH is around 55%, both of which have fallen to a reasonable level. The cross-currency IV difference mentioned last week can be sold for profit. This month's BTC market is likely to be strongly related to the macro news of the Fed's interest rate cut, while the ETH trend is mainly affected by the news of ETF approval.