[June 26 Options Expiry Data]

150k BTC options expiring, Put Call Ratio 0.63, max pain $70,000, notional value $9 billion.
1 million ETH options expiring, Put Call Ratio 0.5, max pain $2,000, notional value $1.57 billion.
Bitcoin tested the key 60K level twice at the beginning and end of this month. Although it rebounded to 67K mid-month, it remains in a clear downtrend. This month, selling pressure from MicroStrategy and ETFs completely changed market consensus. The largest buyer has turned into a seller, which in any bull-to-bear transition is a signal of accelerating decline. This week is the quarterly expiry. Compared to previous quarterly expiry volumes, BTC and ETH are only at 70% of Q1's level, reflecting a very sluggish market.
From the main options data, over 30% of options expire this week. BTC GEX is concentrated around 60K, and ETH GEX is concentrated around 1500 and 1550. As these positions expire, the released margin will somewhat impact IV. However, because the market has once again dropped below 60K this week, demand for large put positions is strong, skew negativity has intensified, and market risk-aversion is high. IV may decline only after the market stabilizes.
MicroStrategy's coin sales and discount have significantly shaken market confidence. Capital is flowing heavily into AI hotspots, and even giant companies like Apple are failing to gain market recognition. The crypto market still has a long way to go before it warms up again.