Option delivery data on July 11th37000 BTC options have expired, with a Put Call Ratio of 1.05, a maximum pain point of $108000, and a nominal value of $4.3 billion. 240000 ETH options have expired, with a Put Call Ratio of 1.11, a maximum pain point of $2600, and a nominal value of $710 million. The taste of a bull market, Bitcoin has just hit a historic high, and Ethereum has briefly regained the key integer point of $3000, showing a rare improvement in market sentiment. This week, there were over 5 billion US dollars worth of option deliveries, accounting for over 10% of the current total holdings. Due to the lack of market trends after the expiration of quarterly options, based on the main option data, BTC's IV is still hovering at a low level in terms of implied volatility. In the short to medium term, the IV remains at 35%, while ETH's IV has slightly fallen, but still reaches nearly 60%. The recent 30% IV gap has persisted for several days, and there is ample room for cross currency strategy operations in terms of volatility. There have been a lot of bulk bullish trades in the past two weeks, mainly involving opening and moving positions after quarterly delivery. The options market is still far from Fomo, and institutional investors are very calm.