July 4th Options Data 28,000 BTC options expired with a Put Call Ratio of 1.07, a Maxpain point of 106,000 and a notional value of 3 billion. 237,000 ETH options expired with a Put Call Ratio of 1.25, a Maxpain point of 2,500 and a notional value of 600 million. Today is the first delivery day after quarterly delivery and the market is relatively flat. The recent hotspots have been on the tokenization of US stocks, which has certainly distracted the crypto market, and despite BTC hitting new highs once again, market sentiment is clearly not being driven. Looking at the major options data, in terms of implied volatility, BTC's IV is still hovering at a low level, with short- and medium-term IVs below 35% across the board, and ETH's IV has fallen back slightly to below 60%, so there is still room for volatility cross-currency strategy operations.