On May 15, 25,000 Bitcoin (BTC) options expired with a Put Call Ratio of 0.59 and a maximum pain point at $80,000, representing a nominal value of $2 billion. Meanwhile, 274,000 Ethereum (ETH) options expired with a Put Call Ratio of 0.4 and a maximum pain point at $2,300, totaling a nominal value of $620 million. This week, Bitcoin's price hovered around $80,000, showing strong support but entering a period of low volatility and market interest. Only 6% of BTC options expired this week compared to 11% for ETH. Both major and short-term option volatilities saw slight declines, while the volatility risk premium increased. Bitcoin's implied volatility for major terms is around 35%, and Ethereum's is approximately 50%, with short-term figures slightly lower. Market skew has decreased slightly, maintaining a neutral sentiment. Option activity remains low, with about 20% of positions held until the end of May and 30% until the end of June. Despite favorable conditions in Q2, including legal and policy support, overall market enthusiasm has been lower than expected. Bitcoin remains a key trading asset, with potential for strategic long-term options positioning.