Odaily News Adam, a researcher at Greeks.live, posted on the X platform: "107,000 BTC options expired, with a Put Call Ratio of 0.5, a maximum pain point of $57,000, and a notional value of $6.6 billion. 1.04 million ETH options expired, with a Put Call Ratio of 0.59, a maximum pain point of $3,100, and a notional value of $3.6 billion. Today is the quarterly delivery, with options with a nominal value of over $10 billion delivered. June was a difficult month for the crypto market. The prices of BTC and ETH once approached the maximum pain point that investors thought was impossible to reach, and the market atmosphere was relatively pessimistic. Despite the large market volatility, the IV of mainstream currencies has not risen significantly. The IV of each major term of BTC is less than 50%, and the IV of each major term of ETH is less than 60%, both at a low level. There will be clearer news about the ETH ETF at the beginning of next month. IV will be under strong downward pressure in the next few days after today's delivery. Buying some call options when IV is low will be a very cost-effective choice."