According to CoinMeta, as reported by GreeksLive, on August 21st, 24,000 Bitcoin options expired with a put-to-call ratio of 0.84, with a maximum pain point of $67,000 and a notional value of $1.82 billion. At the same time, 149,000 Ethereum options expired with a put-to-call ratio of 0.84 as well, with a maximum pain point of $2,000 and a notional value of $360 million. This week, Bitcoin broke through $76,000, breaking two sideways price ranges. This is one of the few expiration dates this year where the settlement price exceeded the maximum pain point. The monthly realized volatility (RV) increased by 20% to 53%, while the monthly implied volatility (IV) only rose by 6%. Options that expired this week accounted for 6% of the total. Open interest has rebounded but remains low, and trading volume has surged significantly, with the market in a broadly bullish position. After a 10-month bear market, cryptocurrencies have seen a substantial rebound, and market sentiment is extremely optimistic. The monthly out-of-the-money implied volatility is still low, making it worthwhile to consider directional buying.