On May 8, 20,000 Bitcoin options expired with a put-call ratio of 0.73 and a maximum pain point of $79,500, representing a nominal value of $1.6 billion. Additionally, 182,000 Ethereum options expired with a put-call ratio of 0.93 and a maximum pain point of $2,350, totaling a nominal value of $410 million. Despite Bitcoin's price rising from $75,000 to $82,000 earlier this week before a slight pullback, market sentiment remains calm. Key indicators show that short-term implied volatility (IV) for Bitcoin is around 35%, while Ethereum's is approximately 50%, with both experiencing slight declines in the medium to long term. The market's skew remains stable with minimal increases, maintaining a neutral directional sentiment. Only 5% of options expired this week, indicating low options activity and historically low futures trading volumes. With 20% of positions set to expire by the end of May and 30% by the end of June, the market shows signs of consolidation.