The options expiring on May 1st are actually quite "calm but not simple" overall.

This time, about 23k BTC options are expiring, with a Put Call Ratio of 1.13, indicating that market sentiment is slightly cautious. The biggest pain point is at $76,000, with a nominal scale of approximately $1.74 billion.
ETH also has 175k options expiring, with a Put Call Ratio of 0.94, generally more balanced, with the biggest pain point at $2,325, and a scale of about $400 million.
Honestly, my feeling from the market this week is: nothing major happening, but no signs of relaxation either. BTC has been fluctuating around 78,000, and market sentiment is gradually shifting from "tight" to "wait-and-see."
Volatility is also very important:
Short-term realized volatility (RV) has clearly decreased, and implied volatility (IV) is also collectively declining. BTC's major expiration has already fallen below 40%, and ETH is weaker, even dropping below 50% in the short term.
My personal understanding of this kind of data is basically one thing:
Everyone is waiting for a direction, but no one is in a hurry to act first.
Skew is also relatively stable, indicating that the market isn't making extreme one-sided bets, slightly leaning bearish but not aggressive. Plus, with low trading activity, only about 6% of options are expiring this week, making it more like a "ventilation window."
Another important point:
There are still quite a few positions not released at the end of May and June (25% and 30%), meaning—real volatility may not have arrived yet, it’s just being temporarily suppressed.
My personal feeling is:
April was indeed stronger than the previous few months, whether in price or heat, but altcoins still haven't truly rotated. #WCTC交易王PK #美国寻求战略比特币储备 #比特币ETF期权持仓限额增4倍 $BTC $ETH