Greeks.live macro analyst Adam released the option delivery data on January 12:36,000 BTC options are about to expire, with a Put Call Ratio of 0.9, a maximum pain point of $45,000, and a nominal value of $1.68 billion.262,000 ETH options are about to expire, with a Put Call Ratio of 0.64, a maximum pain point of $2,400, and a nominal value of $680 million.This week, long gamma will be very cost-effective. Short-term IV peaked before the ETF was passed, and then due to unexpected market fluctuations, the IV of the main terms all showed a significant decline. In the long run, the Bitcoin spot ETF will bring a large amount of incremental funds to the cryptocurrency market, but in the short term, there is still significant uncertainty in the market due to various factors, and intense fluctuations like this week may continue for several days.