[December 26 Options Settlement Data] 267,000 BTC options expired, with a put-call ratio of 0.35, a maximum price threshold of $95,000, and a notional value of $23.6 billion. 1.28 million ETH options expired, with a put-call ratio of 0.45, a maximum price threshold of $3,100, and a notional value of $3.71 billion. Today is the annual expiration date, the largest cryptocurrency options expiration date in history, with nearly $28 billion worth of options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter of this year, only stabilizing at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has fallen below the $3,000 mark, with four consecutive months of decline, indicating a relatively weak market sentiment. Looking at the main options data, implied volatility, affected by factors such as decreased volatility and the Christmas holidays, shows that the average implied volatility (IV) for BTC's main term is around 40%, and for ETH it is around 60%, both at moderate levels this year. Today, over half of the options contracts were settled. Prior to settlement, the volume and proportion of large-volume option trades continued to rise, primarily due to rollover demand. After settlement, quarterly options expiring in March constituted the largest open interest, accounting for over 30% of total open interest, mainly consisting of out-of-the-money call options. The fourth quarter of this year has been arguably the worst in recent years. Due to cyclical factors and slow industry growth, market sentiment was poor, making sell-side strategies more suitable.