Around 140,000 Bitcoin options contracts will expire on Friday, June 27, and they have a notional value of roughly $15 billion.
This event is a big one, being the end of the month and end of the second quarter, so there could be an impact on spot markets. They have been recovering since Monday’s crash, but Bitcoin is really the only asset that has seen notable gains, and momentum was waning as the week ended.
Bitcoin Options Expiry
This week’s tranche of Bitcoin options contracts has a put/call ratio of 0.74, meaning that there are more long sellers than shorts. There is also a max pain point of $102,000, around $5,000 below current spot prices, which is where most losses will be made on contract expiry.
Open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at the $140,000 strike price, with more than $1.7 billion, and $120,000 is also a hot level. However, OI has also increased to over $1.5 billion at $85,000 and $95,000 as bearish speculators increase, according to Deribit.
“Bitcoin options open interest on Deribit just hit an all-time high, $40 billion and counting,” the firm said on X.
In its weekly market update , crypto derivatives provider Greeks Live said the group “experienced a volatile session with mixed sentiment, as traders navigated through war-related news and fake ceasefire reports that caused significant market whipsaws.”
“Key levels being watched include $104,800 where the pump originated and $108,000 calls as a comfort zone, with traders split between expecting continued downside or acknowledging bullish momentum.”
The firm added that technical analysis suggests “BTC could go higher on technicals alone.”
In addition to today’s Bitcoin options, there are around 940,000 Ethereum contracts that are also expiring, with a notional value of $2.3 billion, a max pain point of $2,200, and a put/call ratio of 0.52. This brings Friday’s combined crypto options expiry notional value to around $17.3 billion.
Crypto Market Update
Total market capitalization has retreated 2.5% this Friday, falling just below $3.4 trillion at the time of writing. However, it remains within a two-month sideways trading channel.
Bitcoin failed to surpass resistance at $108,000 and had fallen back to the $107,000 area during the Friday morning Asian trading session, though it was looking resilient, having recovered from its Monday crash to $98,500.
Ethereum prices were still stagnant , with the asset failing to break resistance at the former support price level of $2,500.
The altcoins were predominantly in the red with larger losses for XRP, Solana, Sui, and Hedera.
