Analysis: Today is the first monthly settlement day after the annual settlement, and call options dominate.

Greeks.live posted on the X platform that 91,000 BTC options are expiring, with a put-call ratio of 0.48, a maximum price threshold of $90,000, and a notional value of $7.6 billion. 435,000 ETH options are expiring, with a put-call ratio of 0.68, a maximum price threshold of $3,000, and a notional value of $1.19 billion. Today is the first monthly settlement day after the annual settlement, with 25% of total open interest in options expiring, totaling nearly $9 billion, with call options dominating. Bitcoin and Ethereum prices have entered a sharp downward trend since yesterday. The panic that had recently eased has once again gripped the crypto market, and we are still experiencing the aftershocks of the sharp decline in the fourth quarter of last year. Currently, the $80,000 level for BTC and the $2,500 level for ETH both provide strong support. Looking at the main options data, the implied volatility of BTC and ETH has increased significantly. The average implied volatility (IV) for BTC's main term is around 45%, and for ETH it's around 60%, both at their highest levels this year. This week, options trading volume and share remained high, mainly due to rollover demand. Market makers and active traders currently have a lot of cash on hand and a strong willingness to trade, with the greatest demand for hedging against short positions.