A total of 23,000 Bitcoin (BTC) options have expired with a Put Call Ratio of 0.88 and a maximum pain point of $70,000, representing a nominal value of $1.6 billion. Additionally, 176,000 Ethereum (ETH) options have expired with a Put Call Ratio of 1.04 and a maximum pain point of $2,150, totaling a nominal value of $370 million. This week, the implied volatility (IV) and realized volatility (RV) for major term options remained stable, with BTC's IV at 50% and ETH's IV at 70%. The continued decline in RV has led to a rise in the volatility risk premium (VRP).