On April 25, Greeks.live analyst Adam posted on social media, "April 25 option delivery data: 78,000 BTC options expired, Put Call Ratio was 0.75, with a maximum pain point of 86,000 US dollars and a nominal value of 7.18 billion US dollars. 461,000 ETH options expired, Put Call Ratio was 0.82, with a maximum pain point of 1,900 US dollars and a nominal value of 820 million US dollars.

Bitcoin and Ethereum rebounded strongly this week. Currently, the main term RV has returned to more than 55%, and the IV has also returned to more than 45%. VRP with multiple term periods has also returned to the water, ending a full month of negative value level. Negative VRP that lasts for such a long time is rare. Trump's weakness in the trade war and tariff war has given the market great confidence, but the uncertainty in the market will continue for a long time.

Delivery volume accounts for one-quarter of the total holdings, and put options account for a high proportion this month, reflecting the market's concerns about the decline. However, as the market improves, the proportion of call options that expire in June has been significantly higher, and the market is more optimistic about the future market. "