"April 11th date option delivery data: 28,000 BTC options expire, Put Call Ratio is 0.88, maximum pain point is $81,500, notional value is $2.26 billion. 184,000 ETH options expire, Put Call Ratio is 0.92, maximum pain point is $1,700, notional value is $280 million."

This week, the sentiment is quite fearful, with Trump's frequent changes to tariff policies greatly increasing market risk aversion. We expect that the trade war and tariff war are far from over, and the market uncertainty will continue for a long time, along with prolonged market volatility. The delivery volume accounts for more than 10% of the total positions, with the largest position being in the June quarterly options, while the April options positions are basically on par with June. The market structure remains largely consistent with last week, primarily due to the prevailing low sentiment.

The implied volatility IV of BTC has明显下降, currently maintaining around 50% for various maturities, while the IV of ETH remains at a高水平, with mid to short-term volatility around 80%. Therefore, selling ETH options in the short term would be a good choice. The cryptocurrency market currently lacks new capital inflow and new narratives, leading to a relatively low investor sentiment. In this poor market condition of a bull to bear transition, the probability of a黑天鹅 event occurring will significantly increase, making it a good choice to buy some deep out-of-the-money puts.