According to CoinMeta, on July 31st, 149,000 BTC options expired with a put-to-call ratio of 0.28 and a maximum strike price of $64,000, resulting in a nominal value of $9.6 billion. At the same time, 435,000 ETH options expired with a put-to-call ratio of 0.63 and a maximum strike price of $1,850, having a nominal value of $830 million. This week, Bitcoin fluctuated around $64,000, with prices above $65,000 encountering resistance. Despite the volatility in the U.S. stock market, capital did not flow into the crypto market, and the rebound failed to drive up crypto prices. Currently, there is less capital inflow into the crypto market; in fact, the trading volume of some U.S. stocks related to crypto has surpassed that of many crypto assets, indicating that the conditions for a rebound are not yet met. This week, 30% of options expired, with the call options GEX being relatively spread out, while the put options were more concentrated. Bitcoin's put-to-call ratio this month was only 0.26, with a very low number of outstanding put contracts, whereas Ethereum maintained a higher number of outstanding put contracts. Overall, implied volatility has remained low in the past quarter, and attention should be paid to potential rebounds when capital begins to flow in during the third quarter.