Bitcoin and Ethereum options with a notional value of $7.48 billion are set to expire today.

On May 29, according to Greeks.live, 84,000 BTC options expired on May 29, with a Put Call Ratio of 0.88, a maximum pain point of $75,000, and a notional value of $6.2 billion. 639,000 ETH options expired, with a Put Call Ratio of 0.81, a maximum pain point of $2,200, and a notional value of $1.28 billion. This week, Bitcoin quickly fell back below $75,000, and both BTC and ETH experienced large expirations. However, due to the rapid decline, the market did not receive support from the "maximum pain point." Only 20% of options expired this month, and after expiration, the concentration of June options significantly increased to 40% of open interest. Bulls were unable to regain key positions before settlement, facing difficult support at the key GEX price. This week, capital risk appetite continued to decline, with altcoins and ETH beta facing more significant pressure. Without new incremental catalysts, short-term IV is likely to fall after settlement. From the main options data, the PCR for BTC/ETH is 0.88 and 0.81 respectively, which is not extremely bearish. The market did not bet on a unilateral sharp decline on a large scale previously, showing a neutral to slightly defensive stance overall. Skew did not fluctuate much, and it was more of a realization of previous accumulations. IV for major tenors rebounded slightly, but overall remained below 35%, almost unable to fall further. The market's next focus will be on whether capital can flow back in, and whether BTC can reclaim $75,000 and ETH can recover $2,100. The settlement is more like a "bearish realization" – a large expiration has occurred, but both BTC and ETH are trading below their maximum pain points, indicating that the dominant force this week was not chasing gains, but risk contraction and a retreat by bulls. The market bulls are currently very fragile.