The expiration date for BTC and ETH options is approaching, and large capital flows are attracting attention.

[Coin World] On June 27, a columnist and researcher from a certain trading platform analyzed that today over 15 billion USD of BTC options and 2.3 billion USD of ETH options will expire simultaneously (data source: a certain trading platform), with the Put/Call ratio for BTC at about 0.74 and for ETH at about 0.52, corresponding "maximum pain points" located at 102,000 USD and 2,200 USD respectively. The concentrated Close Position and rollover operations before expiration may amplify short-term Fluctuation, but speculators remain enthusiastic about bullish contracts with strike prices of 110,000 USD and 120,000 USD.

At the same time, the "Demand Momentum Index" of the data platform has fallen to a historical low. Despite the consecutive release of the GENIUS Act and the new stablecoin policy in Hong Kong, the price still struggles to break through previous highs; the implied volatility of options has surged sharply, especially with active buying of put options, indicating that the market is seeking downside protection. The actions of large off-chain holders are also worth noting: inflows of BTC to a certain trading platform in June plummeted to 5,700 coins, GameStop raised $450 million through convertible bonds and has increased its holdings by about 4,710 BTC, while Metaplanet purchased an additional 1,234 coins, bringing the total holdings to 12,345 coins. On the regulatory front, the U.S. FHFA has requested that compliant exchanges' holdings be included in mortgage risk assessments, the SEC is accelerating the review of the Bitcoin ETF redemption mechanism, and the Republic platform plans to issue equity tokens for private companies like SpaceX and OpenAI with thresholds ranging from $50 to $5,000.

In the face of a market pattern of "high leverage amplifying fluctuations and low demand suppressing rises," investors may need to moderately reduce leverage and cautiously employ Gamma strategies; the significant inflow from over-the-counter and the turning point of net purchases of ETFs, as well as the new opportunities brought by compliance, are worth paying attention to. In terms of the development prospects of compliant stablecoin applications, Sei has already shown potential.