Crypto Market Faces $173 Billion Options Expiry Amid Rising Volatility

On June 27th, HTX Researcher Chloe highlighted a significant event in the cryptocurrency market, with over $150 billion worth of Bitcoin (BTC) options and $23 billion worth of Ethereum (ETH) options set to expire. The major pain points for BTC and ETH are at $102,000 and $2,200 respectively, with Put/Call ratios of 0.74 and 0.52. This high leverage and concentrated rollover operations may exacerbate short-term volatility. However, the market remains optimistic about bullish options at $110,000 and $120,000.

Despite the release of the GENIUS Act and intensive stablecoin policies, the CryptoQuant Demand Power Index has hit a historical low. Prices are still constrained by upward pressure, and implied volatility is rising. Active buying of put options reflects investors' escalating precautions against downside risks.

On the on-chain front, Binance's June BTC inflow has dropped to 5,700 coins. GameStop raised $450 million to acquire 4,710 BTC, and Metaplanet added 1,234 coins to their holdings, which now total 12,345 coins. On the regulatory front, the U.S. FHFA plans to include exchange platform holdings in mortgage risk assessment, while the SEC is expediting its review of the Bitcoin ETF's physical creation/redemption mechanism.