May 29th Delivery Data for Rights 84000 BTC options have expired, with a Put Call Ratio of 0.88, a maximum pain point of $75000, and a nominal value of $6.2 billion. 639000 ETH options have expired, with a Put Call Ratio of 0.81, a maximum pain point of $2200, and a nominal value of $1.28 billion. This week, Bitcoin quickly fell below $75000, and BTC and ETH both experienced large maturities. However, due to the rapid decline, the market did not receive support from the "biggest pain point". The poor market conditions have added insult to injury to the already low market attention. Only 20% of the options expired this month, and the concentration of options increased significantly in June after expiration, reaching a 40% holding ratio. Long positions have failed to regain key positions before delivery, and are struggling to support GEX key prices. This week, the risk appetite of funds continues to decline, and the pressure on knockoffs and ETH beta is more evident. Without new incremental catalysis, there is a high probability that short-term IV will fall back after delivery. From the main option data, the PCR of BTC/ETH are 0.88 and 0.81 respectively, which is not considered extremely bearish. The market has not previously placed large-scale bets on a unilateral plunge, but rather leans towards a neutral and slightly defensive stance. Skew's volatility is not significant, and it is more based on the redemption accumulated in the early stage. The main term option IV has rebounded slightly, but it is still below 35% overall, almost reaching a point where there is no room for further decline. The next step for the market is to focus more on whether funds can flow back, whether BTC can regain 75k, and whether ETH can recover 2100. Delivery is more like a "short redemption" - a large maturity landing. However, BTC and ETH are both operating below their biggest pain points, indicating that the dominant force this week is not chasing gains, but risk contraction and long retreat. Market bulls are now very fragile.