According to online reports, Adam, a macro researcher at Greeks.live, issued an article on the X platform that option delivery data on July 4 showed that 28,000 BTC options expired, the Put Call Ratio was 1.07, the maximum pain point was US$106000, and the nominal value was US$3 billion. 23.7 Ten thousand ETH options expire, with a Put Call Ratio of 1.25, a maximum pain point of $2500, and a nominal value of $600 million. Today is the first delivery day after quarterly delivery, and the market is relatively stable. Recent hot spots have been the tokenization of U.S. stocks, which has undoubtedly diverted the attention of the crypto market. Although BTC once again hit a new high, market sentiment has obviously not been driven. Judging from the main option data, in terms of implied volatility, the IV of BTC is still hovering at a low level, with the short and medium term IV being below 35%. The IV of ETH fell slightly and fell below 60%. There is still room for cross-currency strategy operations in volatility.