Analysis: Today is the first monthly expiration day after the annual expiration, with call options dominating overwhelmingly.

Odaily reported on the X platform:

91,000 BTC options expired, with a Put Call Ratio of 0.48, a max pain point of $90,000, and a notional value of $7.6 billion.

435,000 ETH options expired, with a Put Call Ratio of 0.68, a max pain point of $3,000, and a notional value of $1.19 billion.

Today is the first monthly expiration day after the annual expiration, with options accounting for 25% of total open interest expiring, totaling nearly $9 billion. Call options hold an absolute dominant position. Bitcoin and Ethereum prices entered a sharp downtrend starting yesterday, with the recent brief relief in panic once again shrouding the crypto market. This is still an aftershock from the significant decline in the fourth quarter of last year. Currently, BTC's key $80,000 level and ETH's $2,500 level provide strong support.

Looking at key options data, the implied volatility (IV) for BTC and ETH has risen significantly. BTC's major-term IV averages around 45%, while ETH's major-term IV is at 60%, both at their highest levels this year.

This week, options block trading volume and its proportion of total trading remain high, primarily driven by rollover demand. Currently, market makers and active traders hold substantial cash and have strong willingness to trade, with the greatest demand being for downside protection.