[Option Expiration Data for June 5] 25,600 BTC options expired, with a Put/Call Ratio of 0.56, a maximum pain point at $70,500, and a notional value of $1.62 billion. 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 downward movement, 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—market focus largely shifted to U.S. equities. From key options data, as prices continued to fall, GEX concentrated between $60K and $63K, with Skew showing pronounced negative skew. Following last month’s expiration, IV rebounded slightly due to heightened volatility, but BTC IV only recovered to around 40%. However, based on this year’s market behavior, IV will quickly decline once prices stabilize. The market did not see large-scale bets on a one-sided crash, but demand for defensive positioning surged. The next key focus is whether capital will return and whether BTC will stabilize. Both BTC and ETH are trading below their maximum pain points; this week was dominated by shorts. The optimal strategy is not to gamble on a rebound, but to reduce risk exposure.