Crypto
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Quick Take:
Crypto traders are preparing for a major options expiration event as nearly $2.5 billion worth of Bitcoin and Ethereum contracts expire today. While the expiry is not as large as monthly or quarterly settlements, but today’s expiry could face massive volatility in the crypto market.
According to Deribit data, roughly 35,000 Bitcoin options contracts worth $2.23 billion are set to expire today. While the broader crypto market remains under pressure, options positioning suggests traders have not fully abandoned their bullish expectations.
Bitcoin's put-to-call ratio currently ranges between 0.66 and 0.68, indicating a larger share of call options than puts. Typically, a ratio below 1 signals that traders are still positioning for potential upside despite recent price weakness.
Meanwhile, Bitcoin's max pain level, a price point where the largest number of options contracts would expire worthless, is estimated between $66,000 and $67,000.
With BTC trading near $63,194, the market remains several thousand dollars below that key options threshold.
Meanwhile, Ethereum accounts for an additional $293 million in expiring options contracts, bringing the total value of today's Bitcoin and Ethereum expiries to nearly $2.5 billion.
Market positioning in Ether remains notably bullish, with its put-to-call ratio ranging between 0.58 and 0.62, lower than Bitcoin's.
However, Ethereum faces a challenge similar to Bitcoin. Its max pain level is estimated at around $1,750, while ETH currently trades near $1,650.
The gap indicates that a large portion of bullish options contracts could expire worthless unless the asset stages a meaningful recovery before expiry.
Although the total is larger than last week's expiry, it remains well below the size typically seen during major monthly or quarterly settlements. Because of that, analysts believe the event is more likely to increase short-term price swings rather than completely change the market trend.
According to GreeksLive, the $60,000 to $62,000 range has emerged as the most important support zone, with a large concentration of downside exposure clustered in that area.
On the upside, bullish positions are spread across higher strike prices between $70,000 and $80,000, with the largest concentration sitting at $80,000.
Therefore, the $60K level matters because if Bitcoin falls back into that area, market makers may need to increase hedging activity. Combined with stop-loss orders from traders, this could create larger price swings and higher volatility.
While today's options expiry is drawing market attention, analysts say the bigger concern remains weak demand in the spot market.
Crypto spot trading volume dropped to around $679 billion in April, signaling lower participation from retail investors and reduced buying activity across the market.
At the same time, U.S. spot Bitcoin ETFs have faced sustained selling pressure. The products recorded a 25-day outflow streak, with investors pulling roughly $4.4 billion during the period. Much of the outflow came from BlackRock's ETF, which accounted for nearly $3 billion.
Although the trend showed signs of easing recently, Bitcoin ETFs still recorded a net outflow of $22.5 million on June 11, indicating that institutional demand remains low as Bitcoin struggles to regain momentum.
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