【June 19 Options Settlement Data】

30,000 BTC options are expiring, with a Put Call Ratio of 0.78, the maximum pain point at $65,000, and a notional value of $1.9 billion.
138k ETH options are expiring, with a Put Call Ratio of 1.03, the maximum pain point at $1,725, and a notional value of $230 million.
Although Bitcoin briefly rebounded to 67K this week, it clearly lacked momentum, and institutional sell-offs from MicroStrategy and ETFs made the market difficult to absorb. Before this week's settlement, it dropped below 63K, with BTC and ETH both trading below the “maximum pain point,” oscillating around it.
From the main options data, 6.5% of options are expiring this week, lower than last week, roughly at recent average levels. Next week is the quarterly settlement, with about 15% of positions expiring. As prices stabilize, GEX distribution is between 60K and 63K, most of which will expire this week and next, and the released margin will significantly impact IV.
Skew remains relatively stable, still in negative territory, indicating the market is still cautious about downside risk.
MicroStrategy’s selling of coins and discounting have severely shaken market confidence, making capital inflows even more difficult, and overall market sentiment remains cold.