A total of 37,000 Bitcoin (BTC) options and 240,000 Ethereum (ETH) options expired on July 11, with a combined nominal value exceeding $5 billion. The BTC options had a Put Call Ratio of 1.05 and a max pain point of $108,000, while ETH options had a Put Call Ratio of 1.11 and a max pain point of $2,600. This expiration represents over 10% of the current total open interest. Despite the significant options expiry, market sentiment has improved, with Bitcoin reaching a new all-time high and Ethereum briefly reclaiming the $3,000 mark. Implied volatility (IV) for BTC remains low at around 35%, while ETH's IV has slightly decreased but remains high at nearly 60%. The persistent 30% IV difference between BTC and ETH offers opportunities for cross-asset volatility strategies. Institutional investors remain calm, with substantial bullish trades observed in the past two weeks, primarily due to post-quarterly settlement positioning.