Adam, a macro researcher at Greeks.live, posted on the X platform that 21,000 BTC options expired today, with a put-call ratio of 1.07, a maximum price threshold of $90,000, and a notional value of $1.9 billion; 126,000 ETH options expired, with a put-call ratio of 0.88, a maximum price threshold of $3,100, and a notional value of $390 million. Nearly $2.4 billion worth of options expired this week, representing 7% of total open interest. BTC implied volatility remained flat compared to before Christmas, with the main term IV averaging around 40%; ETH's main term IV dropped to 55%. Large block trades accounted for over 70% of total trading volume today, the highest level in recent months, with the market primarily positioning for BTC call options and ETH put options at the end of the month.