BTC and ETH Below Maximum Pain Levels as Short Positions Dominate the Market

Huo Xing Finance reports that on June 5, researcher Adam from Greeks.Live stated that 25,600 BTC options expired today, with a Put/Call Ratio of 0.56, a maximum pain point at $70,500, and a notional value of $1.62 billion. Additionally, 155,000 ETH options expired, with a Put/Call Ratio of 0.92, a maximum pain point at $2,000, and a notional value of $270 million. This week, Bitcoin experienced a sharp decline, briefly approaching $60,000. Due to the rapid drop, both BTC and ETH moved significantly away from their maximum pain points. Poor market conditions further dampened already low market attention, with only 6% of options expiring this week; investor focus has largely shifted to U.S. equities. Looking at key options data, as prices continued to fall, GEX concentrated between $60,000 and $63,000, while Skew showed pronounced negative skewness. Following last month’s settlement, IV rebounded slightly due to heightened volatility, but BTC IV only recovered to around 40%. However, based on this year’s market behavior, once prices stabilize, IV will quickly decline. The market has not seen large-scale bets on a one-sided crash, but demand for defensive positioning has surged. The next focus for the market will be whether capital can return and whether BTC can stabilize. Both BTC and ETH are trading below their maximum pain points; this week has been dominated by shorts. The optimal strategy is not to gamble on a rebound, but to reduce risk exposure.