There will be 25,000 BTC options expiring on May 23, with a Put Call Ratio of 1.22, a maximum pain point of $104,000, and a notional value of $2.81 billion; At the same time, 202,000 ETH options expire, the Put Call Ratio is 1.26, the biggest pain point is $2,450, and the notional value is $570 million. It is worth noting that despite Bitcoin's all-time high this week, the options market data is almost the same as the previous two weeks, with deliveries of less than 8% of total open interest and a continuous decline, reflecting the limited reaction of institutional investors to the new market highs. This week, Bitcoin's short- and medium-term RV rebounded to more than 45%, but the IV remained at 45%, and the VRP of all maturities continued to fall, indicating that the market's expectations for the future are relatively stable.