[June 5th Option Delivery Data] 25600 BTC options have expired, with a Put Call Ratio of 0.56, a maximum pain point of $70500, and a nominal value of $1.62 billion. 155000 ETH options have expired, with a Put Call Ratio of 0.92, a maximum pain point of $2000, and a nominal value of $270 million. This week, Bitcoin experienced a sharp drop, approaching $60000 at one point, as BTC and ETH both moved away from the "biggest pain point" support due to the rapid decline. The poor market situation has added insult to injury to the already low market attention, with only 6% of options expiring this week, and market attention largely focused on the US stock market. From the main option data, as the price continues to decline, GEX is distributed between 60K and 63K, with Skew showing a significant negative bias. Due to the large market, IV rebounded slightly after delivery last month, but BTC IV only rebounded to around 40%. But according to this year's market trend, as long as the price stabilizes, IV will rapidly decline. The market has not made large-scale bets on a unilateral plunge, but the demand for active defense has increased significantly. The next step for the market is to focus more on whether funds can flow back and whether BTC can stabilize. BTC and ETH are both running below their maximum pain points, and this week is dominated by bears. The best strategy is not to rebound, but to shrink risks.