Approximately 35,000 Bitcoin options contracts expired today, with a notional value near $2.23 billion. The event is slightly larger than last week’s expiry but smaller than major monthly or quarterly expiries. The put/call ratio sits at 0.66-0.68, and Deribit data places Bitcoin’s max pain level at $66,000 to $67,000 — well above the current spot price around $63,000.
Bitcoin expiry: $60K support zone in focus
GreeksLive reported that Bitcoin options positioning has tightened around a narrow set of strike prices, with the largest short dealer exposure anchored at $60,000. “Collectively, downside exposure is heavily concentrated within the $60K to $62K range,” GreeksLive said. That range is critical because it aligns with Bitcoin’s current support. A drop into this band could amplify short-term volatility through dealer hedging and stop orders.
Deribit noted that despite recent market stress, positioning remains skewed toward calls. “Despite recent volatility, positioning remains skewed toward calls across both assets,” Deribit said, indicating many traders still hold upside exposure.
Ether options add $293M to expiry total
Ether options also expire today, adding about $293 million in notional value. Around 175,000 ETH contracts are set to expire, with max pain near $1,750. ETH traded near $1,650, staying below its max pain level. The put/call ratio at 0.58-0.62 shows more call exposure, but spot ETH has yet to show a strong rebound.
Total crypto options expiry stands near $2.5 billion — notable but not large enough alone to shift market trends.
Spot market remains weak
Bitcoin traded near $62,937, while Ethereum traded near $1,656, per crypto.news data. BTC held above $60,000, while ETH stayed close to its lower support range. Total crypto market cap remains near multi-month lows after heavy selling earlier in June.
Previous reports from crypto.news showed crypto spot volume fell to $679 billion in April as retail demand weakened. The market faces not only sellers but also a shortage of active buyers. SpaceX’s planned IPO has raised questions about capital rotation from crypto to major tech listings, adding pressure alongside geopolitical risk, inflation fears, and weaker risk appetite.
For Bitcoin, the $60,000 to $62,000 zone remains key. A clean hold above this area could limit expiry-related pressure, while a break lower may bring the mid-$50K range back into discussion.