Bitcoin: 35,000 Options Expire at $66K Pain Point

Bitcoin and Ethereum options expired on June 12 with 35,000 BTC contracts at a 0.67 put-call ratio and $2.2 billion notional value while 175,000 ETH contracts posted a 0.61 ratio and $290 million notional. Maximum pain sat at $66,000 for BTC and $1,725 for ETH, yet both assets traded below those levels after the rebound to $63,000.

Market attention has shifted toward U.S. stocks as panic from the prior drop fades, GEX clusters between $60,000 and $62,000, and skew stays negative despite the rebound. On the 4h chart BTC price at $63,483.91 sits below EMA50 at $63,711.19 and far under EMA200 at $70,460.17, confirming the bearish trend structure, while MACD at 211.4 prints a golden cross inside neutral RSI 54.46 and price remains trapped within the Bollinger band between $60,756.54 support and $64,288.09 resistance. With MicroStrategy selling pressure still in play and implied volatility expected to compress only on further stabilization, the dominant stance remains defensive rather than chasing rebounds.