June 13 Options Data 28,000 BTC options expired with a Put Call Ratio of 0.9, a Maxpain point of $106,000 and a notional value of $2.93 billion. 244,000 ETH options expired with a Put Call Ratio of 1.13, a Maxpain point of $2,650 and a notional value of $620 million. Recent volatility has always occurred ahead of weekly deliveries, with cryptocurrencies seeing a significant pullback due to Israel's attack on Iran, leading to significant risk aversion in the market. The main delivery data looks to be around 8% of total positions, a percentage that has fallen again after seeing a rebound last week. In terms of implied volatility, BTC's IV is still hovering at a low level, while ETH's IV has risen significantly, leaving more room for volatility strategies to operate on ETH in the near term. As IV and RV continue to fall, VRP has been at a high level this week, caused by the more extreme decline in RV and the need for a larger safety cushion for IV, an iconic sign of very low market volatility. After today's correction, VRP has declined, but remains at high levels. Combined with the Block trading data, it looks like the majors are now adding to their put positions and entering a defensive phase.