Options data is here, with a June concentration of 40%, clearly indicating the market is waiting for bigger players.

This week, 84,000 Bitcoin options are set to expire; the put/call ratio is 0.88, and the maximum pain point is $75,000. Ethereum options totaling 639,000 are set to expire; the ratio is 0.81, and the maximum pain point is $2,200. As Bitcoin fell below $75,000, it failed to find support at the maximum pain point, and market sentiment is defensive. This month, only 20% of options expire, and concentration in the June contracts rises to 40%. The bulls have not reclaimed key levels; risk appetite has declined, and both the coin and Ethereum are under pressure. Short-term implied volatility may fall after expiration; the current put/call ratio does not look extreme, and bearish sentiment is neutral-to-defensive.