CoinMeta data: According to GreeksLive, on October 16th, 18,000 Bitcoin option contracts expired with a put-to-call ratio of 1, a maximum strike price of $83,000, and a notional value of $1.47 billion. Today, 4.5% of Bitcoin option positions expired. This week, the U.S. stock market experienced a sharp correction due to poor macroeconomic data, and the cryptocurrency market also fell accordingly, showing weak performance. The implied volatility (IV) is currently at a low level, with 35% being the bottom, indicating that market expectations for future price fluctuations are extremely low. Despite the strong market performance in the summer, there has been no significant IV in the main option markets, and buyers remain cautious, unwilling to pay a premium. The GEX is gradually converging towards $90,000, and put options at $80,000 have begun to accumulate Gamma. Cryptocurrencies experienced a strong rebound in the summer, marking a two-month small bull market. Considering the low monthly out-of-the-money IV, it is still worthwhile to establish put protection, and it is also valuable to continue rolling these positions.