July 3 Options Data 31,000 BTC options expired, with a put-call ratio of 0.7, a maximum pain point of $61,000, and a notional value of $1.9 billion. 135,000 ETH options expired, with a put-call ratio of 1.29, a maximum pain point of $1,650, and a notional value of $230 million. Bitcoin reclaimed the key psychological level of 60K again this week. From a long-term perspective, the downtrend has not yet ended. Selling pressure from MicroStrategy and ETFs has completely shifted market consensus—the largest buyers have turned into sellers, which is a signal of an accelerating decline in any market transition from bull to bear. Looking at key options data, over 8% of options expired this week, with BTC GEX concentrated around 60K and ETH GEX concentrated around 1,700. ETH’s Put-Call Ratio reached 1.29 this week, indicating that put options have reached an extremely high proportion, reflecting surging demand for safe-haven assets. Market concerns about another downturn are evident. The recent focus has been on the U.S. stock market, while the crypto space’s hot topics revolve around the tokenization of U.S. stocks. It will be a long time before the buzz around AI and semiconductors shifts back to crypto. Against this backdrop, the outlook for crypto in Q3 remains bleak.(Greeks.live)