Delivery data for rights on April 25th78000 BTC options have expired, with a Put Call Ratio of 0.75, a maximum pain point of $86000, and a nominal value of $7.18 billion. 461000 ETH options have expired, with a Put Call Ratio of 0.82, a maximum pain point of $1900, and a nominal value of $820 million. This week, Bitcoin and Ethereum have rebounded strongly, with the main term RV returning to over 55% and IV returning to over 45%. VRP with multiple terms has also returned to the water level, ending a month long negative level. Negative VRP that has lasted for such a long time is not common. Trump's weakness in the trade and tariff wars has given the market great confidence, but the uncertainty in the market will continue for a long time. The delivery volume accounts for a quarter of the total holdings, and the proportion of put options this month is relatively high, reflecting the market's concern about the decline. But with the improvement of the market, the proportion of call options expiring in June has significantly increased, and the market is more optimistic about the next market trend.