According to Greeks.live data, 26,000 BTC options and 220,000 ETH options expire, with the largest pain points being US$84,000 and US$1,850 respectively. The implicit volatility has increased significantly, the BTC term volatility exceeds 50%, and ETH remains around 65%. Market sentiment is sluggish, the probability of black swan events increases, and the proportion of put options trading and holdings continues to grow.