Crypto
$2.13 Billion Bitcoin & Ethereum Options Expiry, What to Expect
Bitcoin and Ethereum options worth $2.13 billion expired on June 19. BTC holds key $62K support as traders watch volatility.
53d ago 4,280
BLOCKINSIDERLoadingBitcoin and Ethereum options worth $2.13 billion expired on June 19. BTC holds key $62K support as traders watch volatility.
Today, more than $2.13 billion worth of Bitcoin and Ethereum options expired on June 19. At the same time, this week's expiry remains smaller than last week's $2.66 billion event.
But the derivatives data suggest traders are still positioning defensively as the Bitcoin price struggles to break above key resistance levels at $66K.
According to Greeklive data, approximately 31,000 Bitcoin options contracts expired on June 19, representing a notional value of roughly $1.9 billion.
The contracts carried a put-call ratio of 0.78 and a maximum pain level of $65,000.
At the time of expiry, Bitcoin was trading near $62,426, well below the max pain level.
The current gap between Bitcoin's spot price and the $65,000 max pain level shows how much pressure the market has faced during recent weeks.
Ethereum also saw a significant number of contracts expire. Greeklive data shows that around 138,000 ETH options contracts expired with a total notional value of approximately $230 million.
The contracts carried a put-call ratio of 1.03, indicating slightly more bearish positioning compared to Bitcoin.
Ethereum's max pain level sits at $1,725, while ETH was trading near $1,688 during the expiry session. Like Bitcoin, Ethereum remains below the level where most option sellers would prefer the market to settle.
Although the numbers appear large, this week's expiry was noticeably smaller than the previous one. Last week, the crypto market saw approximately $2.66 billion worth of options expire.
Bitcoin alone accounted for roughly $2.33 billion, while Ethereum contributed nearly $300 million.
The decline in expiry size suggests a slightly lighter derivatives event compared to the previous week.
According to data from Glassnode, Bitcoin is testing the same area that acted as support earlier this year. The current price range, around $60,000 to $62,000, has become one of the most closely watched zones in the market.
Glassnode analysts believe this area could determine Bitcoin's next major move. If buyers successfully defend support, Bitcoin could attempt a recovery toward higher resistance levels.
However, a break below this range could increase selling pressure and trigger another move lower.
One of the most surprising analysis Glassnode highlights in the options market is the decline in implied volatility.
Bitcoin's one-week implied volatility has dropped from roughly 60% to 35%, even as prices continue testing key support levels.
The broader volatility curve has also moved lower. This suggests options traders are currently pricing in less uncertainty than they were during the sharp market decline earlier this month.
At the same time, realized volatility has remained elevated. Current data shows one-month implied volatility near 39%, while realized volatility has climbed above 42%.
Another notable change that Glassnode pointed out is the market hedging activity. During the recent selloff, traders rushed to buy protective put options.
But that demand is now easing. Looking at the one-week 25 Delta skew, which measures demand for downside protection, has fallen from nearly 30% to around 15%.
This suggests panic selling has started to cool, even though traders remain cautious. However, the market has not fully turned bullish.
Recent options market activity shows that traders remain cautious about the market outlook.
Over the past seven days, put buying accounted for 28% of total premium traded, while put selling made up 26.8%.
In comparison, call buying represented only 24.1% of the premium.
Since put options are often used to protect against price declines, the higher demand for puts suggests that many traders are still preparing for potential downside risks rather than a strong market recovery.
Meanwhile, derivatives data shows the largest concentration of negative gamma sits around $62,000, where roughly $1.8 billion of short gamma exposure remains.
This level matters because if Bitcoin moves sharply below it, dealer hedging activity could amplify volatility and potentially accelerate a move toward $60,000.
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