[April 3 Options Expiration Data] 28,000 BTC options expired, with a Put/Call Ratio of 0.54, a maximum pain point at $68,000, and a notional value of $1.8 billion. 156,000 ETH options expired, with a Put/Call Ratio of 0.73, a maximum pain point at $2,075, and a notional value of $320 million. Today marks the first weekly expiration following the quarterly settlement. BTC options’ market share has risen further, now clearly exceeding 80%. In terms of expiration dates, the largest open interests remain at the end of April and end of June, each accounting for approximately 23%. ETH exhibits even higher concentration, with June options making up around 30%—indicating higher trading activity in BTC options. Market sentiment remains weak; minor rallies are immediately met with sell-offs back toward $66K. Trading volume in cryptocurrencies remains low, and multiple DeFi project failures have emerged—classic bear market indicators. Key options data show that the implied volatility (IV) for major BTC expirations has dropped below 51%, while ETH’s major-term IV has fallen below 70%. Realized volatility (RV) continues to decline. The VRP rose slightly during the week but has since retreated near zero. Skew has decreased marginally, a change negligible in magnitude. Q1 saw weak performance for BTC in both price and market sentiment, and the first week of Q2 has been equally disappointing. Rebuilding confidence will likely require time and capital support; current indicators all point to ongoing bear market conditions.