May 29 Options Expiration Data 84,000 BTC options expired, with a put-call ratio of 0.88, a maxpain point of $75,000, and a notional value of $6.2 billion. 639,000 ETH options expired, with a put-call ratio of 0.81, a maxpain point of $2,200, and a notional value of $1.28 billion. This week, Bitcoin rapidly fell below $75,000. Both BTC and ETH saw large-scale expiries, but due to the sharp decline, the market failed to find support at the “maximum pain” levels. The poor market conditions further dampened the already low level of market attention. Only 20% of options expired this month, and following the expiry, the concentration of June options rose significantly, accounting for 40% of open interest. Long positions failed to reclaim key levels before expiration, struggling to find support at the GEX key price. Risk appetite continued to decline this week, with altcoins and ETH beta facing more pronounced pressure. Without new catalysts, short-term IV is likely to retreat after expiration. Looking at key options data, the PCRs for BTC and ETH stand at 0.88 and 0.81, respectively—figures that do not indicate extreme bearishness. The market had not previously placed large-scale bets on a one-sided crash; the sentiment was more neutral with a slight defensive bias. Skew volatility has remained stable, with most activity reflecting the unwinding of previously accumulated positions. While IV for major expiry dates has rebounded slightly, it remains below 35% across the board, reaching a point where further declines are unlikely. The market’s next focus is on whether capital will flow back in, and whether BTC can reclaim $75,000 and ETH can retake $2,100. The settlement appears more like a “bearish unwinding”—large positions have expired—but the fact that both BTC and ETH are trading below their key resistance levels indicates that the dominant force this week has not been chasing rallies, but rather risk aversion and a retreat by longs. The market’s bullish sentiment is currently very fragile.(Greeks.live)