Odaily News Adam, a macro researcher at Greeks.live, posted on the X platform that the July 4 option delivery data showed that: 28,000 BTC options expired, the Put Call Ratio was 1.07, the maximum pain point was $106,000, and the nominal value was $3 billion. 237,000 ETH options expired, the Put Call Ratio was 1.25, the maximum pain point was $2,500, and the nominal value was $600 million. Today is the first delivery day after the quarterly delivery, and the market is relatively stable. The recent hot spots are all on the tokenization of US stocks, which undoubtedly diverted the attention of the crypto market. Although BTC hit a new high again, the market sentiment was obviously not driven. From the main option data, in terms of implied volatility, BTC's IV is still hovering at a low level, and the medium- and short-term IV is generally below 35%. ETH's IV fell slightly and fell below 60%. There is still room for volatility cross-currency strategy operations.