Greeks.live macro researcher Adam stated that options expiration data on May 29 shows 84,000 BTC options expiring with a Put Call Ratio of 0.88, a max pain point of $75,000, and a notional value of $6.2 billion; 639,000 ETH options expiring with a Put Call Ratio of 0.81, a max pain point of $2,200, and a notional value of $1.28 billion.
Bitcoin has fallen back below $75,000 this week, with both BTC and ETH seeing significant expirations. The market failed to receive support from the max pain point. This month, only 20% of options expired, and after expiration, the concentration of June options rose to 40% of open interest. Longs were unable to recoup key positions before expiration and found support at the GEX key price level.