May 15th Delivery Data for Rights 25000 BTC options have expired, with a Put Call Ratio of 0.59, a maximum pain point of $80000, and a nominal value of $2 billion. 274000 ETH options have expired, with a Put Call Ratio of 0.4, a maximum pain point of $2300, and a nominal value of $620 million. This week, Bitcoin has remained volatile around $80000, with clear market support and a flat market trend. The market attention is not high, with only 6% of BTC options expiring this week, while ETH has up to 11% of options expiring. The main term options and short-term RV have both slightly decreased compared to last week, while VRP has increased. The main term IV of Bitcoin is around 35%, while the main term IV of ETH is around 50%, and it will be lower in the short term. From the main option data, Skew has experienced a slight overall decline, with very little volatility in the past month, and the market's directional sentiment remains neutral. The activity of options this week is extremely low, with about 20% holding at the end of May and about 30% holding at the end of June. In the second quarter of this year, Bitcoin performed well in terms of price and popularity, and the legal and policy aspects were also relatively favorable. Coupled with the improvement of the macro situation, the overall market heat was lower than expected. Against the backdrop of long-term favorable conditions, Bitcoin remains the main trading target, and it is reasonable to layout some medium - and long-term options.