April 25 Options Data 78,000 BTC options expired with a Put Call Ratio of 0.75, a Maxpain point of 86,000 and a notional value of 7.18 billion. 461,000 ETH options expired with a Put Call Ratio of 0.82, a Maxpain point of 1,900 and a notional value of 820 million. Bitcoin and Ether have rallied strongly this week, with major term RVs now back above 55% and IVs back above 45%, and VRPs at multiple terms back above water, ending a full month of negative levels, which is not uncommon to see negative VRPs last this long. Trump's show of weakness on the trade and tariff wars has given the market a lot of confidence, but the uncertainty in the market will continue for a long time. Deliveries accounted for a quarter of total positions, with a higher share of puts this month, reflecting the market's concern about a decline. But as the market improves, the share of call options expiring in June becomes significantly higher, and the market is more optimistic about what's to come.