On April 25, 78,000 BTC options (notional value $7.18B) and 461,000 ETH options (notional $820M) expired with Put/Call ratios of 0.75 and 0.82 respectively; max pain points hit $86K for BTC and $1,900 for ETH, as volatility surged (RVs >55%, IVs >45%), and traders pivoted to June calls amid easing trade war rhetoric from Trump and a return to positive VRPs after a month underwater.