BTC and ETH Options with a total notional value of over $2.1 billion are set to expire today

BlockBeats News, June 19th, Macro Researcher Adam from Greeks.live released options expiration data showing that approximately 31,000 BTC options expired today, with a Put/Call Ratio of 0.78. The maximum pain price was $65,000, with a notional value of approximately $1.9 billion. Additionally, around 138,000 ETH options expired, with a Put/Call Ratio of 1.03. The maximum pain price was $1,725, with a notional value of around $230 million.

Adam stated that although Bitcoin briefly rebounded to around $67,000 this week, the upward momentum was clearly insufficient. Under institutional selling pressure, the market's buying capacity was limited. Both BTC and ETH are currently trading below their maximum pain prices and oscillating around this range.

Looking at the options structure, this week's expirations accounted for about 6.5% of the total open interest, which is lower than the previous week and mostly within the recent average range. However, the next week will see the quarterly expiration, with around 15% of open positions expiring. As the price stabilizes, Gamma Exposure (GEX) is primarily concentrated in the $60,000 to $63,000 range. These positions will expire over the next two weeks, influencing released margins or implied volatility (IV).

Furthermore, the Skew indicator remains negative, indicating that the market is still guarding against downside risks. Adam believes that MicroStrategy's continuous selling of coins and its discount issue have significantly dampened market confidence, increasing the difficulty of fund inflows. Overall, the market sentiment remains relatively subdued.