Greeks.live: This week, the market sentiment is more panicked, and Trump's frequent conversion of tariff policies has made the market risk aversion great

Greeks.live analyst Adam posted on social media, "Option delivery data on April 11: 28,000 BTC options expire, Put Call Ratio is 0.88, the maximum pain point is $81,500, and the nominal value is $2.26 billion. 184,000 ETH options expire, Put Call Ratio is 0.92, the maximum pain point is $1700, and the nominal value is $280 million.
This week, the mood is more panicked, and Trump's frequent switching of tariff policies has caused great risk aversion in the market. We expect that the trade war and tariff war are far from over, the market uncertainty will continue for a long time, and the market volatility will continue for a long time. Delivery accounts for more than 10% of the total position. At present, the largest position is the quarterly option in June. The option position in April is basically the same as in June. The market structure is basically the same as last week, mainly due to the downturn in sentiment.
The implied volatility IV of BTC has dropped significantly. At present, the maturity is basically maintained at around 50%, while the IV of ETH has maintained a high level, and the volatility of the short and medium term is maintained at around 80%. Therefore, short-term selling of ETH options will be a good choice. Cryptocurrences currently lack new capital, lack of new narratives, and investor sentiment is relatively depressed. Under this poor bull-to-bear market, the probability of black swans will increase significantly, and buying some deep out-of-the-money bears will be a good choice. "