On April 4th, according to Greeks.live data, 26,000 BTC options and 220,000 ETH options expired, and the biggest pain points were $84,000 and $1850 respectively. Implied volatility increased significantly, BTC term volatility exceeded 50%, and ETH remained near 65%. Market sentiment was depressed, the probability of black swan events increased, and the proportion of put options traded and held continued to grow.