June 5 Options Data 25,600 BTC options expiring, with a put-call ratio of 0.56, a key support level at $70,500, and a notional value of $1.62 billion. 155,000 ETH options expiring, with a put-call ratio of 0.92, a key support level at $2,000, and a notional value of $270 million. Bitcoin suffered a sharp decline this week, briefly approaching $60,000. Due to the rapid pace of the drop, both BTC and ETH moved far away from their “point of maximum pain” support levels. The poor market conditions further dampened the already low market interest; only 6% of options expired this week, with market attention largely focused on U.S. stocks. Looking at key options data, as prices continued to fall, GEX was distributed between $60,000 and $63,000, with Skew showing a significant negative skew. Due to the volatility, implied volatility (IV) rebounded somewhat after last month’s expiration, but BTC IV only rebounded to around 40%. However, based on this year’s market behavior, IV will drop rapidly once prices stabilize. The market is not making large-scale bets on a one-sided crash, but demand for active hedging has surged. The market’s next focus is on whether capital will flow back in and whether BTC will stabilize. Both BTC and ETH are trading below their key support levels, and this week has been dominated by bears. The best strategy is not to gamble on a rebound, but to reduce risk.(Greeks.live)