July 11 Options Data] 37,000 BTC options expiring with a Put Call Ratio of 1.05, a Maxpain point of 108,000 and a notional value of 4.3 billion. 240,000 ETH options expiring with a Put Call Ratio of 1.11, Maxpain point of 2,600 and notional value of 710 million. The smell of a major bull market, with Bitcoin just hitting a new all-time high and Ether briefly regaining the key 3,000 round number, is a rare improvement in market sentiment. There was over 5 billion in options delivery this week, accounting for over 10% of total current positions. Because there has been little market after quarterly options expiration, from the main options data, implied volatility, BTC's IV is still hovering at a low level, short- and medium-term IV across the board to maintain 35%, ETH's IV fell back slightly, but still up to nearly 60%, the recent 30% IV difference lasted for a few days, and there is more room for volatility cross-currency strategies to operate. The last two weeks have seen a very large block of call trades, mainly building and moving positions after quarterly delivery. The options market is far from Fomo and institutional investors are very muted.