【June 26 Options Expiry Data】

150k BTC options expiring, Put Call Ratio at 0.63, max pain at $70,000, notional value of $9 billion.
1 million ETH options expiring, Put Call Ratio at 0.5, max pain at $2,000, notional value of $1.57 billion.
Bitcoin tested the key integer level of 60K twice at the beginning and end of this month. Although it rebounded to 67K mid-month, it remains in a clear downtrend. This month, sell orders from MicroStrategy and ETFs completely changed market consensus, turning the largest buyers into sellers, which is a signal of accelerated decline in any market transitioning from bull to bear. This week is the quarterly expiry; compared to previous quarterly expiry volumes, BTC and ETH only have 70% of last quarter's volume, indicating a very cold market.
From the major options data, over 30% of options expire this week, with BTC GEX concentrated around 60K and ETH GEX concentrated around 1500 and 1550. As these positions expire, released margin will impact IV to some extent, but since the market has fallen below 60K again this week, demand for block put options is strong, skew becomes more negative, and market risk-aversion is high. IV may decline only after market conditions stabilize.
MicroStrategy's coin selling and discount have severely damaged market confidence. Funds are flowing heavily into AI hotspots, and even giant companies like Apple are not gaining market recognition. Crypto still has a long way to go before recovery.