April 18 Options Data 23,000 BTC options expired with a Put Call Ratio of 0.96, a Maxpain point of 82,000 and a notional value of 1.97 billion. 177,000 ETH options expired with a Put Call Ratio of 0.84, Maxpain point of 1,600 and notional value of 280 million. The market was a lot milder this week, Trump didn't put out as much news this week and the market chilled out all of a sudden. Short term RV is now only at 30% and IV also dropped sharply this week, falling below 40%. Mid to long term RV is in the 50% to 60% range with IV concentrated near 50%. We expect the trade and tariff wars to be far from over, and the uncertainty in the market will continue for a long time, as will the volatility in the market. Deliveries account for less than 10% of total positions, and PCR has remained at a high level recently, reflecting the fact that the market's fear of a downturn clearly outweighs the expectation of an upturn. with both April and June options positions remaining near 25%, the market structure is relatively solid, and a sideways move is highly likely. However, it is now a period of pain when the bulls have completely turned to bears, and investor sentiment is relatively low. In this worse market of bulls turning to bears, the probability of a black swan will be significantly higher, and it will be a good choice to buy some deep OTM puts.