According to online reports, Greeks.live analyst Adam posted on social media,"Option delivery data on April 11: 28,000 BTC options expired, PutCallRatio was 0.88, the maximum pain point was US$81500, and the nominal value was US$2.26 billion. 184,000 ETH options expire, with a PutCallRatio of 0.92, a maximum pain point of $1700, and a nominal value of $280 million. The mood was more panicked this week, and Trump's frequent conversion of tariff policies made the market extremely risk-averse. We expect that the trade war and tariff war are far from over, market uncertainty will continue for a long time, and market fluctuations will also continue for a long time. Delivery volume accounts for more than 10% of the total positions. The largest position currently is quarterly options in June. Option positions in April are basically the same as in June. The market structure is basically the same as last week, mainly due to the depressed mood. The implied volatility IV of BTC has dropped significantly, and is currently basically maintained at around 50% for each term, while the IV of ETH has maintained a high level, and the volatility of medium and short term terms has remained around 80%. Therefore, selling ETH options in the short term will be a good choice. Cryptocurrencies currently lack new funds, lack new narratives, and investor sentiment is relatively low. In this poor market where bulls turn into bears, the probability of black swans occurring will increase significantly. Buying some deep imaginary bears will be a good choice."