On May 1, 23,000 Bitcoin (BTC) options expired with a Put Call Ratio of 1.13 and a maximum pain point of $76,000, representing a nominal value of $1.74 billion. Additionally, 175,000 Ethereum (ETH) options expired with a Put Call Ratio of 0.94 and a maximum pain point of $2,325, totaling a nominal value of $400 million. This week, market volatility remained low, with Bitcoin trading steadily around $78,000. The market sentiment has calmed, and short-term realized volatility has significantly decreased. The monthly expiry released nearly a quarter of margin positions, leading to a noticeable drop in implied volatility (IV) for major options. Bitcoin's major term IV fell below 40%, while ETH's short-term IV dropped below 50%, and mid-to-long-term IV fell below 60%. Market skew remains stable, indicating a mildly bearish sentiment. Only 6% of options expired this week, with 25% set to expire by the end of May and 30% by the end of June. The lack of activity in block trades suggests a consolidation phase. In April, Bitcoin outperformed in both price and interest compared to the first quarter, while altcoins showed limited recovery, with Bitcoin remaining the primary focus for traders.