[September 11 Options Expiration Data] 29,000 BTC options expired, with a Put/Call Ratio of 0.6, open interest peak at $78,000, and notional value of $2.24 billion. 114,000 ETH options expired, with a Put/Call Ratio of 1.17, open interest peak at $2,450, and notional value of $280 million. Bitcoin continues to consolidate around $80,000. It surged to $80,000 over three days at the end of last month and has since remained range-bound for nearly three weeks. Indeed, Bitcoin’s consolidations typically occur over very short periods, followed by prolonged sideways movement. Monthly realized volatility (RV) remained unchanged from last week, while monthly implied volatility (IV) rose slightly, with VRP rising across most tenors. Looking at other key options data: 7% of options expired this week; BTC and ETH open interest decreased slightly compared to last week, and overall trading activity has cooled somewhat. Long-side GEX continues to converge, with short call positions gradually accumulating above $78,000—$80,000 remains the peak. Short-side GEX is also beginning to cluster around $77,000, ending the previous state of complete dispersion. After a 10-month bear market, the primary gains in this bull cycle were concentrated in just one week last month. However, during the pullback, some altcoins and meme tokens have shown signs of recovery—a positive signal. The brief calm in U.S. equities has provided the crypto market with a breathing window; market sentiment remains highly optimistic. With monthly out-of-the-money IV still relatively low, directional long positions remain worth considering.