Option delivery data on March 28th139000 BTC options have expired, with a Put Call Ratio of 0.49, a maximum pain point of $85000, and a nominal value of $12.1 billion. 301000 ETH options have expired, with a Put Call Ratio of 0.39, a maximum pain point of $2400, and a nominal value of $2.13 billion. This week is the quarterly delivery, and the overall market situation in the first quarter did not meet most people's expectations, with significant fluctuations during the period, ultimately closing at a lower price within the range. The delivery volume accounts for more than 40% of the total holdings, with BTC options accounting for nearly 80% of the total delivery volume, ETH options accounting for nearly 20% of the total delivery volume, and Sol, the largest among other currencies, accounting for only 2%. Despite many doubts about ETH, the market pattern of holdings is still maintained. The implied volatility IV has slightly decreased, with BTC's main term volatility falling below 50% and ETH's main term volatility remaining around 60% overall. Cryptocurrencies currently lack new capital and narrative, and investor sentiment is becoming sluggish. There is still no sign of a reversal in the short term after quarterly delivery, and there are more large-scale double selling operations. Option market makers are increasing their selling intensity again, but there is still room for short-term IV to decline, making it difficult for buyers to do so in the future.