A total of 109,000 Bitcoin options and 563,000 Ethereum options expired today, with a combined nominal value of $98.7 billion. The Bitcoin options had a Put Call Ratio of 0.93 and a max pain point of $72,000, while Ethereum's Put Call Ratio stood at 0.72 with a max pain point of $2,200. This expiry marks a significant monthly event, with 25% of options reaching maturity. Bitcoin's price surged past $78,000 this week, reflecting a strong market rebound, coinciding with a buoyant atmosphere at Hong Kong's Web3 conference. Despite the price increase, implied volatility (IV) for Bitcoin options continued to decline, dropping 1% to 2% to below 40%, while Ethereum's IV fell to around 60%. The market showed no signs of FOMO as skew decreased. The second quarter has seen Bitcoin outperform the first quarter in both price and interest, with ongoing inflows suggesting a potential bottom if macroeconomic pressures ease by mid-year.