According to CoinMeta, as reported by GreeksLive, on September 4th, 29,600 Bitcoin options expired with a put-to-call ratio of 0.65, and a maximum pain point of $73,000, representing a notional value of $2.39 billion. At the same time, 139,000 Ethereum options expired with a put-to-call ratio of 0.9 and a maximum pain point of $2,400, for a notional value of $350 million. Bitcoin consolidated around $80,000, experienced a rapid short-term rise, followed by a slow decline, forming a cycle. The monthly realized volatility (RV) rose to 40%, while the monthly implied volatility (IV) decreased to 36%. This week, with 7% of options expiring, the number of open Bitcoin contracts increased, while that of Ethereum contracts slightly decreased, but overall trading volume surged significantly. The GEX of call options gradually gathered above $80,000, indicating an optimistic market sentiment. Currently, the IV is relatively low, making directional buying still worthwhile.