PANews reported on June 5th, citing Greeks.live, that options settlement data for June 5th showed 25,600 BTC options expiring with a put-call ratio of 0.56, a maximum support level of $70,500, and a notional value of $1.62 billion. 155,000 ETH options also expiring with a put-call ratio of 0.92, a maximum support level of $2,000, and a notional value of $270 million. Bitcoin experienced a sharp drop this week, briefly approaching $60,000. Due to the rapid decline, both BTC and ETH moved far away from their "maximum support level." The poor market conditions further dampened already low market attention; only 6% of options expired this week, with market focus largely concentrated on the US stock market.

Looking at the main options data, as prices continue to fall, GEX options are distributed between 60K and 63K, with Skew showing a significant negative skew. Due to the large price movements, the implied volatility (IV) rebounded somewhat after last month's settlement, but the BTC IV only rebounded to around 40%. However, based on this year's market trend, as long as the price stabilizes, the IV will decline rapidly. The market is not heavily betting on a one-sided crash, but the demand for active defensive strategies has increased significantly. 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 biggest support levels. This week is dominated by short sellers, and the best strategy is not to bet on a rebound, but to mitigate risk.