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According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
, Greeks.live macro researcher Adam posted on platform X stating that through Options Terminal analysis of the weekend market, it was found that large funds mainly engaged in three types of operations:Selling near-term gamma and near-month volatility;Buying downside protection for medium-to-long-term tenors, or constructing defensive structures such as put fly and collar;Conducting pin and roll operations around the $79,000 to $80,000 range.He stated that the current market does not support chasing short positions, and the decline has not caused market concern, with whales expecting short-term consolidation.