Bitcoin and Ethereum options with a notional value of $1.89 billion expire today.

On June 5, according to Greeks.live, options settlement data for June 5 shows that 25,600 BTC options will expire, with a Put Call Ratio of 0.56, a maximum pain point of $70,500, and a notional value of $1.62 billion. 155,000 ETH options will expire, with a Put Call Ratio of 0.92, a maximum pain point of $2,000, and a notional value of $270 million. Bitcoin experienced a sharp decline this week, once approaching $60,000. Due to the rapid pace of the decline, both BTC and ETH have moved away from the "maximum pain point" support. The poor market conditions have exacerbated the already low market attention. Only 6% of options expired this week, with market attention largely focused on US stocks. From the main options data, as prices continue to fall, GEX is distributed between $60K and $63K, with a significant negative skew. Due to the significant market movement, IV rebounded after last month's settlement, but BTC IV only rebounded to around 40%. However, given this year's market trend, IV will rapidly decrease as soon as prices stabilize. The market is not heavily betting on a one-sided crash, but the demand for active defense has greatly increased. The market's next focus is on whether funds can flow back in and whether BTC can stabilize. Both BTC and ETH are trading below their maximum pain points. This week has been dominated by bears, and the best strategy is not to bet on a rebound, but to reduce risk.