Around 140,000 Bitcoin options contracts — valued at approximately $15 billion — are set to expire on Friday, June 27, marking a major event for the crypto market. This expiry coincides with both the end of the month and the second quarter, making it a potential catalyst for price volatility, particularly in Bitcoin and Ethereum.
Market Implications of the Bitcoin Options Expiry
The put/call ratio for this week’s Bitcoin options stands at 0.74, indicating a bullish bias, with more traders betting on price increases than declines. The max pain point — the price at which most losses occur — is around $102,000, roughly $5,000 below current BTC spot prices.
Open interest (OI) is concentrated at higher strike prices, notably $140,000 and $120,000, with more than $1.7 billion in contracts. However, bearish interest is also growing, with significant OI building at $85,000 and $95,000, according to data from Deribit.
Deribit also reported a new all-time high in Bitcoin options open interest, now exceeding $40 billion.
Mixed Signals for Crypto Traders
According to Greeks Live, the market has been turbulent, driven by war-related headlines and fake ceasefire news. Key technical levels include $104,800, where the latest rally started, and $108,000, a resistance level that remains tough to break. Sentiment is divided — some traders anticipate further downside, while others see room for continued upside based on technical indicators.
Ethereum Options Also in Focus
Alongside Bitcoin, nearly 940,000 Ethereum options contracts — worth about $2.3 billion — are also expiring. The ETH put/call ratio sits at 0.52, with a max pain price of $2,200, suggesting a slightly more bullish stance among traders.
Broader Crypto Market Outlook
Despite recovering from Monday’s crash, Bitcoin is the only major crypto showing notable strength. It was trading around $107,000 on Friday morning (Asia session) but failed to break above resistance at $108,000. Meanwhile, Ethereum remains flat, unable to reclaim its key level of $2,500, and altcoins like XRP, Solana, Sui, and Hedera are mostly in the red.
Overall, total crypto market capitalization is down by 2.5%, dipping below $3.4 trillion, though it remains in a sideways range established over the past two months.
