PANews reported on May 29 that, according to Greeks.live, options settlement data on May 29 showed that 84,000 BTC options expired with a put-call ratio of 0.88, a maximum price threshold 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 price threshold of $2,200, and a notional value of $1.28 billion.

This week, Bitcoin quickly fell below $75,000, with both BTC and ETH facing large expiration dates. However, due to the rapid decline, the market failed to find support at the "biggest pain point." Only 20% of options expired this month, and after expiration, the concentration of June options holdings surged to 40%. Bulls failed to regain key positions before settlement, struggling to find support at the key price level on GEX. Risk appetite continued to decline this week, with altcoins and ETH beta facing more significant pressure. Without new catalysts, short-term implied volatility (IV) is likely to fall after settlement.

Looking at the main options data, the PCRs for BTC/ETH are 0.88 and 0.81 respectively, which isn't considered extremely bearish. The market hadn't previously made large-scale bets on a one-sided plunge, maintaining a neutral to slightly defensive stance overall. Skew volatility was low, indicating more profit-taking from previous accumulation. Implied volatility (IV) for major maturities rebounded slightly, but remains below 35% across the board, suggesting there's almost no room for further decline. The market's next focus is on whether funds can flow back in, and whether BTC can regain $75,000 and ETH can recover $2,100. The settlement appears to be a "bearish profit-taking" event—large amounts of maturing assets were realized, but both BTC and ETH are trading below their biggest resistance levels, indicating that the dominant force this week wasn't chasing rallies, but rather risk contraction and bullish retreat. The market's bullish momentum is currently very fragile.