TechFlow news, June 27 — Chloe (@ChloeTalk1), author of the HTX DeepThink column and researcher at HTX Research, analyzed that today over $15 billion worth of BTC options and $2.3 billion of ETH options will expire simultaneously (data source: Deribit & Crypto.ro). The BTC Put/Call ratio is approximately 0.74, and ETH's is around 0.52, with corresponding "maximum pain" points at $102,000 and $2,200 respectively. Position squaring and rollover activities before expiration may amplify short-term volatility, yet speculative interest in bullish contracts with strike prices at $110,000 and $120,000 remains strong.
Meanwhile, CryptoQuant's "Demand Momentum Index" has dropped to an all-time low. Despite consecutive announcements such as the GENIUS Act and Hong Kong's new stablecoin regulations, prices continue to struggle to break previous highs. Implied volatility in options has surged sharply, especially with active put buying, indicating market demand for downside protection. Off-chain movements by large players are also noteworthy:
Binance's BTC inflows in June have sharply declined to 5,700 coins. GameStop raised $450 million through convertible bonds and has already accumulated approximately 4,710 BTC. Metaplanet purchased an additional 1,234 BTC, bringing its total holdings to 12,345 BTC. On the regulatory front, the U.S. FHFA has requested that assets held on compliant exchanges be included in mortgage risk assessments. The SEC is accelerating its review of physical delivery mechanisms for Bitcoin ETFs. Republic platform plans to issue tokenized equity for private companies such as SpaceX and OpenAI, with investment thresholds ranging from $50 to $5,000.
Facing a market structure characterized by "high leverage amplifying volatility and weak demand restraining upward movement," investors may need to moderately reduce leverage and cautiously apply Gamma strategies. Large off-exchange inflows, turning points in ETF net purchases, and new opportunities arising from regulatory compliance warrant attention. In terms of prospects for compliant stablecoin applications, Sei has demonstrated potential.
