Greeks Live data shows that on June 12, approximately 35k BTC options and 175k ETH options will expire, with notional values of about $2.2 billion and $290 million respectively. The maximum pain points for BTC and ETH are $66,000 and $1,725. Recently, market panic has eased somewhat, but funds are more focused on the US stock market, and the options market still maintains a certain defensive posture against downside. After MicroStrategy started selling coins, the difficulty for market funds to flow back increased, and overall sentiment remains bearish, currently still dominated by bears.