As the June 13 Options Delivery approaches, market data shows that about 28,000 Bitcoin Options are about to expire, with a put/call ratio of 0.9, and the maximum pain point located at $106,000, with a total notional value of up to $2.93 billion.

At the same time, there will be 244,000 options expiring on the Ethereum side, with a put/call ratio of 1.13, a max pain price of $2,650, and a notional value of approximately $620 million.

Market observations show that recent cryptocurrency fluctuations often occur before weekly Delivery, and the risk-averse sentiment triggered by Israel's military actions against Iran has further driven a noticeable pullback in crypto assets.

Analyzing the delivery data, it can be seen that the delivery volume this time accounts for about 8% of the total open interest, and this ratio has declined again after a brief rebound last week. In terms of volatility indicators, the implied volatility of Bitcoin remains at a low level, while the implied volatility of Ethereum has clearly risen, providing greater operational space for deploying volatility strategies on Ethereum in the near term.

It is worth noting that as the implied volatility ( IV ) and the actual volatility ( RV ) continue to decline, this week’s volatility risk premium ( VRP ) has remained high, indicating a significant drop in actual volatility, and the implied volatility requires a higher margin of safety, which is a typical signal of extremely low market volatility. After today's adjustment, the VRP has retreated but still remains high.

Looking at the data from block trades, the market's leading capital is increasing its holdings in bearish options, indicating that it has entered a defensive layout stage.