July 4th option delivery data28000 BTC options have expired, with a Put Call Ratio of 1.07, a maximum pain point of $106000, and a nominal value of $3 billion. 237000 ETH options have expired, with a Put Call Ratio of 1.25, a maximum pain point of $2500, and a nominal value of $600 million. Today is the first delivery day after quarterly delivery, and the market is relatively stable. Recently, the hot topic has been the tokenization of the US stock market, which undoubtedly diverted the attention of the cryptocurrency market. Although BTC has once again hit a new high, market sentiment has clearly not been driven. From the main option data, in terms of implied volatility, BTC's IV is still hovering at a low level, with a short-term IV below 35%. ETH's IV has slightly fallen below 60%, indicating that there is still room for cross currency strategy operations in terms of volatility.