On July 4, 28,000 Bitcoin (BTC) options expired with a put-call ratio of 1.07 and a maximum pain point of $106,000, representing a nominal value of $3 billion. Simultaneously, 237,000 Ethereum (ETH) options expired with a put-call ratio of 1.25 and a maximum pain point of $2,500, totaling a nominal value of $600 million. This marks the first expiration day following the quarterly settlement, with market conditions remaining stable. Despite Bitcoin's recent attempts to reach new highs, market sentiment has not been significantly influenced, partly due to the focus on tokenization in U.S. equities. Implied volatility for BTC remains low, with short to medium-term IV below 35%, while ETH's IV has slightly decreased to below 60%, maintaining opportunities for cross-asset volatility strategies.