[April 17th Options Settlement Data]

22k BTC options are expiring, with a Put-Call Ratio of 1.05, the maximum pain point at $72,000, and a notional value of $1.65 billion.
100k ETH options are expiring, with a Put-Call Ratio of 0.95, the maximum pain point at $2,250, and a notional value of $460 million.
This week's market continues to rebound, with Bitcoin oscillating around $75,000, and the market beginning to warm up, with some concepts showing significant gains. The market share of Bitcoin options has slightly decreased, and altcoins are recovering. Regarding holding periods, the distribution of open interest in the options market shows that 70% of positions are concentrated between April 24 and June 26, especially around the key dates at the end of April and May.
From the main options data, Bitcoin's implied volatility (IV) for major maturities has dropped sharply this month, with most maturities around 40%. ETH's main maturity IV has also fallen to around 60%. This week, short-term IV remains stable with a slight increase, while medium- and long-term IVs continue to decline. Skew has been rising steadily, the bearish market sentiment has weakened, and opportunities are beginning to emerge.
However, Bitcoin's performance this year in both price and popularity remains poor. Although this month's sustained rebound presents some structural opportunities, indicators such as capital flow suggest that cryptocurrencies still exhibit characteristics of a bear market.