June 19 Options Data 31,000 BTC options expired, with a put-call ratio of 0.78, a maximum pain point of $65,000, and a notional value of $1.9 billion. 138,000 ETH options expired, with a put-call ratio of 1.03, a maximum pain point of $1,725, and a notional value of $230 million. Although Bitcoin rebounded to 67K at one point this week, it clearly lacked momentum. The market struggled to absorb institutional selling pressure from MicroStrategy and ETFs, and the price fell below 63K ahead of this week’s expiration. Both BTC and ETH traded below their “maximum pain” levels, fluctuating around those points. Looking at key options data, 6.5% of options expired this week—lower than last week but roughly in line with the recent average. Next week marks the quarterly settlement, with approximately 15% of positions set to expire. As prices stabilize, GEX is distributed between 60K and 63K, with the majority set to expire this week and next. The margin released at that time will significantly impact IV. Skew remains relatively stable but still shows a negative skew, indicating that the market remains braced for a downturn. MicroStrategy’s coin sales and the deep discounts on its options have dealt a severe blow to market confidence, making capital inflows even more difficult, and overall market sentiment remains subdued.(Greeks.live)