According to data from Greeks.live, a total of 38,000 BTC options and 215,000 ETH options are set to expire today, with a notional value of nearly $29 billion. The BTC options Put-Call Ratio stands at 0.71, with a max pain point of $74,000, while the ETH options Put-Call Ratio is 0.82, with a max pain point of $2,100. Despite the ongoing market decline, the implied volatility for Bitcoin and Ethereum has decreased. BTC's major-term IV is around 50%, and ETH's is at 70%, indicating a slight easing in the downward price trend. Notably, block trades account for 75% of the total volume, with call options reaching a recent peak, representing approximately $1.7 billion, primarily in medium- to long-term deep out-of-the-money options. This suggests that long-term investors are beginning to position for this year's potential rebound. Analysts believe that although the market remains in a bearish phase, the most severe declines have likely subsided. However, due to a lack of incremental capital, it is still too early to discuss a bull market or a significant rebound. The market may need to undergo a period of consolidation and bottoming before a recovery can begin.