Crypto Options Expiry Brings $3.9 Billion In Contracts, Market Faces Bearish Pressure

The cryptocurrency market is preparing for a significant event as nearly $3.9 billion in crypto options are set to expire today. This includes around 34,000 Bitcoin (BTC) options contracts valued at approximately $3.3 billion and 215,000 Ethereum (ETH) contracts worth $546 million. This week’s options expiry follows a relatively muted performance across spot markets, with crypto markets shedding roughly $30 billion in value since Monday, June 17, pressured by geopolitical unrest and a broader risk-off sentiment.

Bitcoin’s options contracts expiring today carry a put/call ratio reflecting a slight tilt toward bearish bets. The max pain point—the price level where most option holders face maximum financial loss—is $106,000. At the time of reporting, Bitcoin traded near $106,000, underscoring short-term downside pressure. The highest open interest for BTC options is clustered between strike prices of $115,000 and $140,000, with more than $1.7 billion in contracts stacked at each level, indicating ongoing bullish conviction by some market participants. Despite the bullish strike positioning, the data noted a “predominantly bearish sentiment” among traders, with analysts emphasizing that traders remain wary of losing critical support levels at $104,000 and $100,000.

In addition to Bitcoin, Ethereum’s 215,000 options contracts expiring today bring a notional value of $546 million into play. The ETH contracts show a more bullish bias with a put/call ratio of 0.68. ETH’s max pain point is $2,600, slightly above current prices. Ethereum price has managed to hold above $2,500 this week, though it has moved little in the last 48 hours. Technical support levels are expected to face renewed pressure as options unwind.

The total crypto market capitalization is $3.24 trillion, a 1% daily decline. The market remains stuck in a channel established in early May, reflecting indecision amid macroeconomic and geopolitical headwinds. Bitcoin is down 3.8% from its weekly high of $108,770, reached on Tuesday. Meanwhile, Ethereum has been stable, but momentum across major altcoins remains weak. Historically, large options expiries can inject short-term volatility, particularly when contract values are this high. However, with a relatively balanced put/call ratio and stable open interest distribution, analysts expect limited immediate disruption unless price levels break key thresholds.

It could catalyze increased selling pressure if Bitcoin falls below $100,000 or Ethereum dips under $2,500. Conversely, maintaining support zones may neutralize the expiry’s impact. The outcome of this expiration event will provide valuable insights into the market's sentiment and the strategies employed by major players in the crypto space.