Option delivery data on April 4th26000 BTC options have expired, with a Put Call Ratio of 1.24, a maximum pain point of $84000, and a nominal value of $2.2 billion. 220000 ETH options have expired, with a Put Call Ratio of 1.42, a maximum pain point of $1850, and a nominal value of $400 million. This week is the first delivery after the quarterly delivery, and in order to smoothly pass the quarterly delivery, the large investors have taken in a lot of put options this week. Afterwards, due to the weak market, most of these options were taken out and expired, and the final delivery price was also close to the biggest pain point. The delivery volume accounts for over 10% of the total holdings, with the largest holdings currently being quarterly options in June. The trading volume and holdings of put options are both increasing, and the market pattern of holdings is undergoing subtle changes. The implied volatility IV has maintained a high level, with BTC's main term volatility rising to over 50%, and ETH's main term volatility remaining around 65%, with varying degrees of growth compared to the previous week, responding to the uncertainty brought by Trump and the US stock market to the global macro market. Cryptocurrencies currently lack new capital and narrative, and investor sentiment is relatively low. In this poor bull to bear market, the probability of a black swan occurring will significantly increase, and buying some deep bearish values would be a good choice.