Today marks the expiration of Bitcoin and Ethereum options with a combined notional value of $2.13 billion. According to Greeks.live, 31,000 Bitcoin options expired with a Put Call Ratio of 0.7 and a maximum pain point of $61,000, totaling $1.9 billion in value. Meanwhile, 135,000 Ethereum options expired with a Put Call Ratio of 1.29 and a maximum pain point of $1,650, amounting to $230 million. The market has seen Bitcoin reclaim the $60,000 level, yet the long-term downtrend persists. Notably, MicroStrategy and ETFs have shifted from buyers to sellers, indicating a potential market transition from bull to bear. Ethereum's high Put Call Ratio reflects significant hedging demand, highlighting concerns over further declines. As the crypto market faces challenges, the outlook for Q3 remains cautious, with attention also drawn to U.S. equities and the tokenization of stocks.