Option delivery data on April 3rd 28000 BTC options have expired, with a Put Call Ratio of 0.54, a maximum pain point of $68000, and a nominal value of $1.8 billion. 156000 ETH options have expired, with a Put Call Ratio of 0.73, a maximum pain point of $2075, and a nominal value of $320 million. Today is the first weekly delivery after the quarterly delivery date, and the market share of Bitcoin options has reached a new level, clearly exceeding 80%. In terms of maturity, the most frequently held positions at the end of April and the end of June currently account for around 23%. Ethereum has a higher concentration, with June options accounting for the largest proportion at around 30%, indicating higher trading activity for Bitcoin options. The market is relatively weak, and a small rebound will immediately drop back to 66K. The trading heat of cryptocurrency is still low, and there are typical bear market characteristics of multiple Defi projects being hit hard. From the main option data, Bitcoin's main term IV has fallen below 51%, ETH's main term IV has also dropped below 70%, RV continues to decline, VRP has risen within the week, but has now fallen back to near the zero axis. Skew has slightly decreased, but the magnitude can be ignored. Bitcoin performed poorly in both price and popularity in the first quarter of this year, and also in the first week of the second quarter. The rebuilding of confidence may require time and financial support, and various indicators currently indicate bear market characteristics.