Greeks.live: The market sentiment is rather panicky this week, with Trump's frequent changes in tariff policy causing a great deal of risk aversion in the market

Analyst Adam from Greeks.live posted on social media that the options delivery data for April 11th is as follows: 28,000 BTC options expired, with a PutCallRatio of 0.88 and the biggest pain point being $81,500, having a nominal value of $2.26 billion. In addition, 184,000 ETH options expired with a PutCallRatio of 0.92 and the biggest pain point being $1,700; its nominal value was $280 million.

The mood this week is rather panicked, with Trump's frequent changes in tariff policy causing a great deal of market risk aversion. We anticipate that the trade war and tariff war are far from over, and market uncertainty will continue for a long time, as will market volatility. The delivery volume accounts for more than 10% of total positions, with the largest position currently being June quarter options. April option positions are basically on par with June, and the market structure is essentially consistent with last week, mainly due to low sentiment. BTC's implied volatility (IV) has significantly decreased and is currently maintained at around 50% across all terms while ETH's IV remains high; short-term volatility stays near 80%, so selling ETH options in the short term would be a good choice. Cryptocurrencies currently lack new funds and narratives leading to depressed investor sentiment. In such poor bull-to-bear conditions, the probability of black swan events occurring significantly increases; buying some deep out-of-the-money puts could be a good choice.