$BTC GreeksLive reported that on June 26, 150,000 BTC options expired, with a put/call ratio of 0.63, a maximum pain point of $70,000, and a notional value of $9 billion. At the same time, 1 million ETH options expired, with a put/call ratio of 0.5, a maximum pain point of $2,000, and a notional value of $1.57 billion. Bitcoin tested the psychological level of $60,000 twice this month. Although it briefly rebounded to $67,000 in the middle of the month, it remains in a downward trend. This month, selling pressure from MicroStrategy and ETFs changed market sentiment, with the largest buyers turning into sellers, typically accelerating the transition from a bull to a bear market. During the current quarterly settlement week, the settlement volume for BTC and ETH is only 70% of the typical quarterly level. Over 30% of options expire this week. BTC GEX is concentrated around $60,000, while ETH GEX is concentrated in the $1,500 to $1,550 range. As these positions expire, the released margin will impact implied volatility. With the price falling below $60,000 again, demand for put options is strong, and market risk aversion is high, which may lead to a further decline in implied volatility.