Bitcoin's market volatility has decreased as 23,000 BTC options expired with a Put/Call Ratio of 1.13 and a notional value of $1.74 billion. The open interest peaked at $76,000, while 175,000 ETH options expired with a Put/Call Ratio of 0.94 and a notional value of $400 million. Bitcoin traded sideways near $78,000, reflecting a calming market sentiment. Implied volatility for Bitcoin's primary-term options fell below 40%, with Ethereum's short-term IV dropping below 50% and medium- to long-term IV below 60%. Despite Bitcoin's strong performance in April, altcoins have only seen modest recovery, with the market currently focused on Bitcoin. Large trade volumes remain low, indicating a consolidation phase, and trading altcoins requires patience.