The Q1 delivery date is approaching, and tomorrow will witness the largest option delivery of the first quarter of this year, with nearly 40% of options facing expiration. 1. Core delivery data BTC's biggest pain point (Max Pain): Currently anchored at $75000, it seems hopeless based on the current situation. The put/call ratio (P/C ratio) remains around 0.6, relatively low, indicating low trading volume for put options, but overall sentiment remains bearish. 2. Volatility (IV) Warning: IV Crush is approaching, and the Front end IV implied volatility near the expiration date remains strong. But as soon as the delivery ends tomorrow, there is a high probability of a severe IV Crush. The buyers of short-term options are extremely disadvantaged now (Theta suffers severe losses), while the sellers have a clear advantage. 3. Giant Whales and Bulk Trading: Today's bulk data on Deribit shows that Smart Money is crazily conducting rolling operations. Many institutions have liquidated their positions due tomorrow and heavily invested in June and September forward call options (OTM Calls) with virtual value. What do you all think? Do you think there is still hope for the market with this quarterly delivery Crypto Options