BlockBeats news, on June 19, Greeks.live macro researcher Adam released options settlement data showing that approximately 31,000 BTC options expired today, with a Put/Call Ratio of 0.78, the maximum pain price at $65,000, and a notional value of approximately $1.9 billion; approximately 138,000 ETH options expired, with a Put/Call Ratio of 1.03, the maximum pain price at $1,725, and a notional value of approximately $230 million.
Adam noted that although Bitcoin briefly rebounded to around $67,000 this week, the upward momentum was clearly weak; under pressure from institutional selling, market demand remained limited. Both BTC and ETH are currently trading below their key pain price levels and oscillating around this area.
From an options structure perspective, positions expiring this week account for approximately 6.5% of total open interest, below last week’s level and within the recent average range. Next week, quarterly settlement will occur, with about 15% of open positions expiring. As prices stabilize, Gamma Exposure (GEX) is primarily concentrated between $60,000 and $63,000; the positions in this range will expire over the next two weeks, and the released margin may significantly impact implied volatility (IV).
Additionally, the Skew indicator remains negative, indicating that the market is still guarding against downside risk. Adam believes that MicroStrategy’s continued selling of Bitcoin and its discount issue have significantly undermined market confidence, making it harder for capital to flow back in, and overall market sentiment remains subdued.