June 26 Options Data 150,000 BTC options expired, with a put-call ratio of 0.63, a maxpain point of $70,000, and a notional value of $9 billion. 1 million ETH options expired, with a put-call ratio of 0.5, a maxpain point of $2,000, and a notional value of $1.57 billion. Bitcoin tested the key psychological level of 60K twice this month—once at the beginning and once at the end. Although it briefly rebounded to 67K mid-month, it remains in a clear downtrend. This month, selling pressure from MicroStrategy and ETFs completely shifted market sentiment, turning the largest buyers into sellers—a signal that typically accelerates declines during any market transition from bull to bear. This week marks the quarterly settlement. Compared to previous quarterly settlement volumes, BTC and ETH are at only 70% of the typical quarterly level, indicating a very subdued market. Looking at key options data, over 30% of options expire this week. The BTC GEX distribution is concentrated around 60K, while the ETH GEX distribution is concentrated around 1,500 and 1,550. As these positions expire, the released margin will impact IV to some extent. However, since the price has once again fallen below 60K this week, demand for bulk puts is strong, Skew’s negative skew has intensified, and market risk aversion is high; IV may decline further once the market stabilizes. MicroStrategy’s coin sales and the significant discount have dealt a severe blow to market confidence. Capital is flowing heavily into popular AI stocks, and even tech giants like Apple are failing to gain market recognition—the crypto market still has a long way to go before it can turn around.(Greeks.live)