BlockBeats news: On June 5, researcher Adam from Greeks.Live posted that 25,600 BTC options expired today, with a Put/Call Ratio of 0.56, the 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, the 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 key "maximum pain" support levels. The weak market conditions further dampened already low market attention, with only 6% of options expiring this week, as focus largely shifted to U.S. stocks.
Looking at the key options data, as the price continues to decline, the GEX distribution is concentrated between $60,000 and $63,000, with a significantly negative skew. Following the large market move and last month’s settlement, IV has rebounded slightly, but BTC IV has only recovered to around 40%. However, based on this year’s market conditions, once the price stabilizes, IV will quickly decline.
The market has not seen large-scale bets on a one-sided crash, but demand for proactive defense has surged. The next focus for the market is whether capital can flow back in and whether BTC stabilizes. Both BTC and ETH are trading below their key pain points; this week has been dominated by bears, and the best strategy is not to gamble on a rebound, but to reduce risk.