Option delivery data on June 13th28000 BTC options have expired, with a Put Call Ratio of 0.9, a maximum pain point of $106000, and a nominal value of $2.93 billion. 244000 ETH options have expired, with a Put Call Ratio of 1.13, a maximum pain point of $2650, and a nominal value of $620 million. Recently, fluctuations have always occurred before weekly deliveries, as Israel's attack on Iran has led to a clear risk aversion in the market, resulting in a significant pullback in cryptocurrencies. According to the main delivery data, the delivery volume is approximately 8% of the total holdings, which has declined again after experiencing a rebound last week. In terms of implied volatility, BTC's IV is still hovering at a low level, while ETH's IV has risen significantly. There is a lot of room for volatility strategies to operate on ETH in the near future. With the continuous decline of IV and RV, VRP has been at a high level this week, which is the extreme decline of RV. The need for a larger safety cushion for IV is a landmark signal of extremely low market volatility. After today's adjustment, VRP has decreased slightly but remains at a high level. Based on bulk trading data, the main players are currently increasing their holdings in put options and entering a defensive phase.