Greeks.live posted on the X platform that 38,000 BTC options were settled, with a put-call ratio of 0.71, a maximum price threshold of $74,000, and a notional value of $2.5 billion. 215,000 ETH options were settled, with a put-call ratio of 0.82, a maximum price threshold of $2,100, and a notional value of $410 million. The crypto market continued its decline, with the maximum price threshold decreasing rapidly. Options settled today represent 9% of total open interest, with a total value of nearly $2.9 billion. This week, implied volatility for Bitcoin and Ethereum has decreased, with BTC's main term IV falling to 50% and ETH to 70%. Although the price decline has slowed, market confidence remains weak. In terms of trading activity, put options dominate. After yesterday's market decline, some bargain hunting has begun. Key options indicators show that Skew is rebounding, and the proportion of call options in large trades is increasing. The market remains in a bearish phase, but the most severe decline is over. Currently, the crypto market lacks new capital inflows, making it premature to discuss a bull market or a significant rebound.