Bitcoin’s options are about to expire, and it is one of the largest of all time.
You can read more about it here:
- Bitcoin expirations today are far in excess of the $60k level, putting pressure on it again.
- Calls are more expensive than puts as traders look to protect themselves from a greater risk of downside in the near term.
- Ether has $1.6b of expiring contracts, while the spot price hovers around 2026 this week.
On Friday, 26th June, around 153.500 Bitcoin option contracts will expire, with a nominal value of $9.3b.
Due to the timing of end-of month and end-of quarter, this event is larger than normal weekly expiry. These dates are often used by traders to adjust their positions, which may cause short-term fluctuations in price. Bitcoin was trading near $59 648 when this article was written, having touched an intraday-low near $58,189.
A Deribit market updateBTC has entered its expiry period well below the $72,000 maximum pain threshold.
“Recent quarterly expiries have shown limited evidence of a consistent pinning effect ahead of settlement,” Deribit added.
When the spot price is below that level, many call options lose value at expiration. Many call options will lose their value at expiry when the spot price falls below this level. This does not necessarily drive the price up, but shows just how far away from bullish positions the market is.
Bitcoin traders must pay to protect themselves from a negative outcome
The put/call percentage for this week’s Bitcoin option batch is around 0.73. Call contracts outnumber put options, however the demand to hedge against a fall in spot prices has increased.
GreeksLive BTC’s 25-delta spread has gotten worse across all short-dated maturity dates. Puts now sell at a higher price than calls for all major maturities, according to the firm. This shows that traders pay more to be protected against further declines.
The total Bitcoin option open interest across all exchanges is now near $34b, according to CoinGlass options data. Deribit’s data shows that the $60,000 and $80,000 strikes are also of great interest, but the $80,000 is still a major downside.
As reported previously, last week’s $2.13b options expiry Keep the $60,000. GreeksLive has warned of the dangers associated with a break under that $60,000 level.
Ether increases the expiry date
Ether will also face a big expiry. Around 1m ETH option contracts will expire with a nominal value of $1.6b. This batch is characterized by a maximum pain of $2,000, and an average put/call rate around 0.54.
ETH is trading at $1,544 after dropping to $1,515 during the previous session. This token is still well below its maximum pain level and many bullish contracts have not been able to make money.
As crypto.news reported, Bitcoin and Ether faced a $2.5b options expiry On June 12th, BTC traded at a level below the maximum pain. Support was centered between $60,000 and $62,000. This same zone has been under increased pressure.
BTC, ETH and their combined expiry are worth approximately $11b. The settlement on Friday is the biggest crypto-derivatives event of 2026.
The spot market remains weak
After a massive market crash, the options are about to expire. Bitcoin dropped about 4% in the Asian session on Friday before returning to $60,000. Ether fell more than 5% and briefly touched levels seen in earlier bear market trading.
Crypto.news was discussed in a prior article. discussed Bitcoin dropped to $73,000 just before a large expiry of options, and as ETF withdrawals and derivative pressure hit the markets. It appears that the pressure on Bitcoin has increased and is moving deeper into $60,000 territory.
The expiration of options may not be enough to determine the future trend. Even so, the large settlement on June 26, weak spot prices, and the demand for downside protection could keep volatility high until the weekend.
The main trading levels are still simple for traders. Bitcoin must defend its $58,000-$60,000 range in order to prevent further sales. Ether has to rise above $1.600 in order to stop further selling pressure.
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Source: crypto.news
