[Analyst: Today is the first monthly expiration day after the annual settlement, with bullish options dominating the market] Odaily Planet Daily reports that Greeks.live macro researcher Adam posted on the X platform: 91,000 BTC options are expiring, with a Put Call Ratio of 0.48, a max pain point of $90,000, and a nominal value of $7.6 billion. 435,000 ETH options are expiring, with a Put Call Ratio of 0.68, a max pain point of $3,000, and a nominal value of $1.19 billion. Today marks the first monthly expiration day after the annual settlement, with options accounting for 25% of total open interest expiring, totaling nearly $9 billion, and bullish options dominating the market. Bitcoin and Ethereum prices have entered a sharp downward trend since yesterday, and the rare relief from recent panic has once again enveloped the crypto market. This is still the aftershock of the significant decline in the fourth quarter of last year. Currently, BTC's $80,000 round-number level and ETH's $2,500 level both provide strong support. Based on key options data, the implied volatility (IV) of BTC and ETH has risen significantly, with BTC's major term IV averaging around 45% and ETH's major term IV at 60%, both at their highest levels this year. Bulk trading volume and transaction proportion for options this cycle remain high, primarily driven by the need for position adjustments. Currently, market makers and active traders hold ample cash, with strong transaction willingness, and the demand for bearish protection is the highest.