Bitcoin Ethereum Face $17 Billion Options Expiry June 27

Bitcoin and Ethereum have recently gained upside momentum as bulls hold key support levels. However, the upcoming monthly options expiry for both cryptocurrencies, scheduled for June 27, could potentially trigger a retracement or crash. This expiry event is significant, with over $17 billion in options set to expire.

According to Deribit data, 139,000 Bitcoin options with a notional value exceeding $15 billion are due to expire. The put-call ratio stands at 0.74, indicating a slightly bearish sentiment among traders. This is the largest options expiry of the year, and traders are exercising caution. The max pain point for Bitcoin is at $102,000, suggesting a high likelihood of a correction in its price. Traders may adjust their positions, leading to increased volatility.

In contrast, 936,000 Ethereum options with a notional value of nearly $2.3 billion are set to expire. The put-call ratio for Ethereum is 0.52, and the max pain point is at $2,200. Sentiment has turned slightly bearish for Ethereum, as evidenced by the put-call ratio of 0.95 in the last 24 hours.

Additionally, traders are awaiting the release of the U.S. Federal Reserve’s preferred inflation gauge, the US PCE data, also on June 27. Economists expect PCE inflation to rise to 2.3%, up from 2.1% in the previous month. Fed Chair Jerome Powell has maintained a hawkish stance on monetary policy, implying a reluctance to cut rates due to US tariffs.

On-chain data from CryptoQuant signals potential risks of a selloff in Bitcoin's price. The MVRV Ratio indicates a slowdown in momentum, suggesting that the bull market is entering its late stage. This flattening slope does not necessarily mean an imminent downtrend but could signal the market's transition to a later phase.

Bitcoin's price action has been sideways to downside, currently trading at $107,199. The 24-hour low and high are $106,817 and $108,305, respectively. Ethereum's price has also pared earlier gains, currently trading at $2,436, with a 24-hour low and high of $2,399 and $2,519, respectively. Traders should monitor trading volumes and liquidation over the next 24 hours for cues on the upcoming price direction.