Greeks.live: The market sentiment this week is quite panic-stricken, with Trump's frequent changes to tariff policies significantly heightening the market's risk-averse mood.

On April 11, Greeks.live analyst Adam posted on social media, “April 11 option delivery data: 28,000 BTC options expire, Put Call Ratio is 0.88, maximum pain point is $81,500, notional value is $2.26 billion. 184,000 ETH options expire, Put Call Ratio is 0.92, maximum pain point is $1,700, notional value is $280 million. This week, sentiment is quite panic-stricken, as Trump’s frequent changes in tariff policies have greatly increased market risk aversion. We expect that the trade war and tariff war are far from over, and market uncertainty will persist for a long time, with market fluctuations also continuing for a long time. The delivery volume accounts for more than 10% of the total open interest, and the largest open interest is in the June quarterly options, with the April options open interest basically on par with June, and the market structure is basically consistent with last week, primarily due to low sentiment. The implied volatility IV of BTC has significantly decreased, currently maintaining around 50% across various maturities, while ETH’s IV remains at a high level, with mid-term volatility maintaining around 80%, thus selling ETH options in the short term would be a good choice. Currently, crypto assets lack new inflows and new narratives, and investor sentiment is relatively low. In this poor market condition of a bull-to-bear transition, the probability of a black swan event will significantly increase, and buying some deep out-of-the-money puts would be a good choice.”