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[July 3 Options Expiry Data]
31k BTC options expired, Put Call Ratio at 0.7, max pain at $61,000, notional value $1.9 billion.
135k ETH options expired, Put Call Ratio at 1.29, max pain at $1,650, notional value $230 million.
Bitcoin reclaimed the key integer level of 60K again this week, but the downtrend is still not over in the long term. The selling by MicroStrategy and ETFs has completely changed market consensus, turning the biggest buyers into sellers, which is a sign of accelerated decline in any market's transition from bull to bear.
From major options data, more than 8% of options expired this week. BTC GEX is concentrated around 60K, and ETH GEX is concentrated around 1700.
This week, ETH's Put Call Ratio reached 1.29, meaning put options accounted for an extremely high level, indicating strong market demand for hedging. The market's concern about further declines is evident.
Recently, the hot spots are in US stocks. The crypto circle's focus is on tokenization of US stocks. It will take a long time for AI and semiconductor hotspots to shift back to crypto. Against this backdrop, crypto's Q3 is also not optimistic.