Option delivery data on May 8th 20000 BTC options have expired, with a Put Call Ratio of 0.73, a maximum pain point of $79500, and a nominal value of $1.6 billion. 182000 ETH options have expired, with a Put Call Ratio of 0.93 and a maximum pain point of $2350, with a nominal value of $410 million. Bitcoin has been rising from $75000 to $82000 this week, and then experienced a decline last night. Despite the favorable market conditions, market sentiment has remained relatively calm, with major term options and short-term RV remaining unchanged from last week, while short-term RV has increased. The main short-term term IV of Bitcoin is around 35%, while the main short-term term IV of ETH is around 50%, with slight declines in both the medium and long term. From the main option data, Skew is relatively stable with a very small increase, and the directional sentiment of the market remains neutral. Only 5% of options expired this week, with extremely low option activity and futures trading volume reaching historical lows. At the end of May, there were about 20% positions held, and at the end of June, there were about 30% positions held. Bulk trading was relatively inactive, and these are all signals of consolidation. Bitcoin performed well in terms of price and popularity in the second quarter of this year, but the overall market heat remains sluggish. Currently, the focus is mainly on Bitcoin, and it is reasonable to layout some medium - and long-term options. In addition, it seems that some high-quality altcoins are also cost-effective.