Option delivery data on October 23rd 16000 BTC options have expired, with a Put Call Ratio of 1 and a maximum pain point of $82000, with a nominal value of $1.28 billion. 58000 ETH options have expired, with a Put Call Ratio of 1.24, a maximum pain point of $2460, and a nominal value of $250 million. On tomorrow's delivery date, less than 4% of Bitcoin options and less than 7% of Ethereum options will expire. This week's gains have been smoothed out today, and the pace of the US stock market's correction has slowed down. BTC has not followed the decline of the US stock market this month, and the support of 80K is still strong. Now is the bottom oscillation stage of the bear market in the entire cycle, and it will take time to start a new round of market trend. From the main option data, the current IV is at a relatively low level, stable above 35%, and the market has low expectations for future volatility. The structure of Gex is relatively scattered and does not converge to integer numbers as in the past, resulting in lower market consensus. Cryptocurrencies have experienced a decent rebound in the summer, with significantly improved market sentiment, which is a good signal. However, according to cyclical theory, there is currently no basis for a major bull market. At present, the monthly virtual value IV is not high, so it is still worth doing some bearish directional protection.