Bitcoin Ethereum Gain 1% Amid $4.11 Billion Options Expiry

Bitcoin and Ethereum demonstrated resilience on Friday, June 20, 2025, as a significant $4.11 billion in options contracts for both cryptocurrencies are set to expire. This event is anticipated to have a short-term impact on cryptocurrency prices, with market participants bracing for potential volatility.

At the time of writing, Bitcoin was trading at $105,936.96, marking a gain of over 1% in the last 24 hours. Ethereum was trading around $2,549.94, also posting similar gains. Despite this, both BTC and ETH have faced slight selling pressure in the last hour. The expiring options include $3.5 billion in Bitcoin contracts and $565.13 million in Ethereum contracts, leading to heightened anticipation among market participants.

According to data, the current Bitcoin options expiration involves 33,972 contracts, an increase from 27,959 contracts last week. For Ethereum, 224,509 contracts are expiring, which is a decrease from 246,849 contracts the previous week. The expiring options for Bitcoin have a maximum pain price of $105,000 and a put-to-call ratio of 1.00, suggesting a relatively even distribution between bearish and bullish positions among traders. However, an examination of call and put open interests indicates a slight prevalence of put options, which could suggest a mild bearish sentiment or hedging activity.

Conversely, Ethereum’s expiring options show a lean towards bullish sentiment, with a put-to-call ratio of 0.69 and a maximum pain price of $2,600. The maximum pain point is a metric that indicates the price level at which the majority of options contracts would expire worthless, potentially resulting in the largest financial loss for traders. Ethereum is trading below its maximum pain level, which might align with the observed bullish outlook and a higher concentration of call options, indicating bets on price increases. Bitcoin is currently trading above its maximum pain level, showing increased buyer activity.

Markets typically stabilize after options expirations as traders adjust to new price conditions. Given the high volume of today’s expiration, a similar outcome could occur, potentially influencing broader crypto market trends into the weekend.

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