Greeks.live: This week, the market sentiment is rather fearful, with Trump's frequent changes to tariff policies leading to significant risk-off sentiment in the market.

BlockBeats News, April 11th, Greek.live analyst Adam posted on social media, stating, "April 11 options expiration data: 28,000 BTC options expiring, Put Call Ratio is 0.88, the max pain point is $81,500, with a notional value of $22.6 billion. 184,000 ETH options expiring, Put Call Ratio is 0.92, the max pain point is $1,700, with a notional value of $2.8 billion."

This week, the sentiment is more fearful, Trump's frequent changes in tariff policies have led to a strong risk-off sentiment in the market. We expect that the trade war and tariff battle are far from over, the market's uncertainty will persist for the long term, and market volatility will also persist in the long term. The open interest represents over 1% of the total open interest, with the largest open interest now in the June quarterly options. The April options open interest is roughly in line with June, and the market structure is basically the same as last week, mainly due to the prevailing low sentiment.

BTC's implied volatility IV has significantly decreased, with current levels mostly around 50% across various maturities, while ETH's IV has maintained a higher level, with short to medium-term volatility around 80%, making selling ETH options in the short term a good choice. The cryptocurrency market currently lacks new inflows of funds and new narratives, with investor sentiment being relatively low. In this poor bull-to-bear market scenario, the probability of a black swan event significantly increases, so buying some deep out-of-the-money puts would be a good choice."