Potential Effect of Imminent $15 Billion Bitcoin Options Settlement on Cryptocurrency Market
Title: Bitcoin Options Expiry: A Potential Game-Changer for Crypto Market
Swing by, cryptocurrency enthusiasts! A significant event looms on the horizon: this Friday, June 27, around 140,000 Bitcoin options contracts worth a staggering $15 billion will reach maturity. Let's dive into what this could mean for the market.
The Big BTC Options Showdown
Known for its ability to stir the pot, this expiration, happening at the end of the month and second quarter, might have a notable impact on spot markets. After recovering since Monday's crash, Bitcoin, the lone standout asset, has seen remarkable gains, but momentum seemed to be dwindling as the week crept to a close.
Breaking Down the Bitcoin Options Scene
This week's Bitcoin options wave has a put/call ratio of 0.74, indicating there are more long sellers than shorts. The max pain point, where losses are most extensive on contract expiry, stands at a put price of $102,000—around $5,000 below the current spot price.
Open interest, or the value or number of BTC options contracts yet to expire, is most robust at the $140,000 strike price, with over $1.7 billion. Other hot levels include $120,000 and, interestingly, $85,000 and $95,000, as bearish speculators rise, according to Deribit.
In an exciting turn of events, Deribit announced that Bitcoin options open interest had hit an all-time high of $40 billion.
"H1 Expiry Incoming"- Deribit (@DeribitOfficial, June 26, 2025)
Ethereum's Role in the Drama
Joining the party will be nearly 940,000 Ethereum contracts, amounting to a notional value of $2.3 billion, a max pain point of $2,200, and a put/call ratio of 0.52. This makes Friday's crypto options expiry notional value around $17.3 billion.
Crypto Market Update
With total market capitalization dipping 2.5% this Friday, falling just below $3.4 trillion at press time, Bitcoin failed to surpass resistance at $108,000 and was holding steady near the $107,000 area. Ethereum, on the other hand, was stagnant, continuing its unsuccessful attempts to breach the former support price level of $2,500.
Altcoins predominantly lagged behind, with larger losses reported for XRP, Solana, Sui, and Hedera.
Stay tuned as we watch the stage unfold! The upcoming Bitcoin options expiry could set the tone for the start of Q3 by either catalyzing a breakout or resetting the market stage.
- Technical analysis of the crypto market suggests that this Friday's expiration of 140,000 Bitcoin options contracts, worth $15 billion, could have a significant impact on the market, particularly at the $140,000 strike price, where open interest is most robust.
- The max pain point for Bitcoin options stands at a put price of $102,000, and Deribit's open interest has reached an all-time high of $40 billion, making Friday a potentially game-changing event for the crypto market.
- Besides Bitcoin, nearly 940,000 Ethereum contracts with a notional value of $2.3 billion will also mature on Friday, adding to the overall drama of the crypto options expiry.
- As investors and traders await the outcome of this event, the crypto market is seeking direction, with Bitcoin struggling to surpass resistance at $108,000 and Ethereum failing to breach its former support price level of $2,500. The rest of the market, including altcoins like XRP, Solana, Sui, and Hedera, is predominantly lagging behind.
