Big options expiry today, and the data is worth paying attention to. 84,000 BTC options contracts just expired, with a put-call ratio of 0.88 and a max pain point at 75,000 USD. The notional value sits at a massive 6.2 billion USD. On the ETH side, 639,000 contracts expired with a put-call ratio of 0.81, max pain at 2,200 USD, and a notional value of 1.28 billion USD. Greeks Live notes that June options now account for roughly 40% of total open interest. That shift is key. But here is the reality check. Risk sentiment remains fragile. Prices are still trading below critical levels, and that continues to weigh on market mood. We are in a phase where the macro picture is doing most of the talking. Keep your eyes on the next monthly expiry for clues on where the big players are positioning.