June 12 Options Data 35,000 BTC options expired, with a put-call ratio of 0.67, a maximum pain point of $66,000, and a notional value of $2.2 billion. 175,000 ETH options expired, with a put-call ratio of 0.61, a maximum pain point of $1,725, and a notional value of $290 million. Bitcoin rebounded to $63,000 this week, with both BTC and ETH trading below their “pain points.” However, panic caused by the sharp decline has subsided, and market attention has largely shifted to U.S. stocks. Looking at key options data, 8% of options expired this week, slightly above the recent average. As prices stabilized, GEX was distributed between $60K and $62K. Skew rebounded significantly compared to last week but remains in negative territory, indicating the market is still bracing for a downturn. Meanwhile, as mentioned last week, the market has not placed large-scale bets on a one-sided crash; as long as prices stabilize, implied volatility (IV) will decline. Market sentiment is currently subdued. With MicroStrategy having opened the floodgates for selling Bitcoin, the next phase of capital inflows will be even more challenging, and overall market sentiment remains bearish. This week is dominated by bears; the best strategy is not to gamble on a rebound, but to reduce risk exposure.(Greeks.live)