31k BTC options are expiring, with a Put Call Ratio of 0.7, maximum pain at $61,000, and a notional value of $1.9 billion. 135k ETH options are expiring, with a Put Call Ratio of 1.29, maximum pain at $1,650, and a notional value of $230 million. Bitcoin has once again reclaimed the key integer level of 60K this week. Over the long term, the downward trend is still not over. Selling by MicroStrategy and ETFs has completely changed market consensus, with the largest buyers turning into sellers, which is a signal of accelerated decline during any bull-to-bear transition in any market. According to major options data, more than 8% of options expire this week. BTC GEX distribution is concentrated around 60K, and ETH GEX distribution is concentrated around 1700. This week, ETH's Put Call Ratio reached 1.29, meaning that put options account for an extremely high proportion, and market demand for hedging is strong. It is clear that the market is worried about another decline. The recent hotspots are in the US stock market. The crypto hotspot is the tokenization of US stocks. AI and semiconductors still have a long way to go before becoming popular again in crypto. In this context, crypto's Q3 does not look optimistic.