June 26th Delivery Data for Rights 150000 BTC options have expired, with a Put Call Ratio of 0.63, a maximum pain point of $70000, and a nominal value of $9 billion. One million ETH options have expired, with a Put Call Ratio of 0.5, a maximum pain point of $2000, and a nominal value of $1.57 billion. Bitcoin tested the key integer level of 60K twice at the beginning and end of this month, and although it rebounded to 67K in the middle of the month, it is still in a clear downward trend. This month's micro strategy and ETF selling have completely changed the market consensus, with the largest buyer turning into a seller, signaling an accelerated decline in any market's bull to bear transition. This week is a quarterly delivery, and compared to previous quarterly deliveries, BTC and ETH only account for 70% of the first quarter's volume, indicating a very cold market. From the main option data, over 30% of the options have expired this week, with BTC GEX concentrated at 60K and ETH GEX concentrated at 1500 and 1550. As these positions expire, the released margin will to some extent impact IV, but due to the market falling below 60K again this week, the demand for bulk put is strong, Skew's negative bias is intensifying, and the market's safe haven demand is high, IV may fall again after the market stabilizes. The micro strategy of selling coins and discounting is greatly undermining market confidence, with a large amount of funds flowing into AI hotspots, and even giant companies such as Apple are not recognized by the market. Cryptocurrency still has a long way to go before it warms up.