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\n\t\t\t\t\t\t\t\t\tFriday has rolled around again, which means more Bitcoin and Ether options contracts are expiring as the spot bear market deepens.\u00a0\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Around 35,000 Bitcoin options contracts will expire on Friday, June 12, with a notional value of roughly $2.23 billion. This is slightly larger than last week\u2019s, but is still unlikely to impact spot markets.<\/p>\n
Crypto markets have continued to decline all week, with around $50 billion leaving the space, but those declines have slowed.<\/p>\n
Military strikes between the US and Iran have continued, and a deal seems a distant hope. A high inflation print and the SpaceX IPO liquidity drain have also added to macroeconomic headwinds for crypto assets.<\/p>\n
This week\u2019s batch of Bitcoin options contracts has a put\/call ratio of 0.66, meaning that sellers of long contracts far outweigh short contract sellers. Max pain is around $67,000, according to Coinglass, which is much higher than current spot prices, so most will be at a loss on expiry.<\/p>\n
Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $80,000 strike price on Deribit, with $1.6 billion, but short sellers still have $1.3 billion in OI at $60,000. Total BTC options OI across all exchanges has been declining recently, and is at $33.4 billion, according to Coinglass.<\/p>\n
Bitcoin is holding above its 200-week moving average at $62,000, but institutions are \u201cselling into the bounce,\u201d said Deribit this week.<\/p>\n
\n\u201cDespite recent volatility, positioning remains skewed toward calls across both assets.\u201d<\/p>\n<\/blockquote>\n
BTC options positioning has \u201cconsolidated around a narrow set of strikes,\u201d said<\/a> crypto derivatives provider Greeks Live.<\/p>\n
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\n\u201cThe largest short dealer exposure anchored is at $60K. Collectively, downside exposure is heavily concentrated within the $60K to $62K range.\u201d<\/p>\n<\/blockquote>\n
\n\ud83d\udea8 Options Expiry Alert \ud83d\udea8<\/p>\n
At 08:00 UTC tomorrow, ~$2.51B in crypto options are set to expire on Deribit.$BTC<\/a>: $2.23B notional | P\/C: 0.68 | Max Pain: $66K$ETH<\/a>: $291M notional | P\/C: 0.62 | Max Pain: $1.75K<\/p>\n
Despite recent volatility, positioning remains skewed toward calls\u2026 pic.twitter.com\/F5jdgUpxDw<\/a><\/p>\n
\u2014 Deribit (@DeribitOfficial) June 11, 2026<\/a><\/p>\n<\/blockquote>\n
In addition to today\u2019s batch of Bitcoin options, around 175,000 Ethereum contracts are also expiring, with a notional value of $293 million, max pain at $1,750, and a put\/call ratio of 0.58. Total ETH options OI across all exchanges is around $5.6 billion.<\/p>\n
This brings the total crypto options expiry notional value to around $2.5 billion, which is a relatively small expiry event.<\/p>\n
Spot Market Outlook<\/h2>\n
Total capitalization has ticked up marginally on Friday, but it remains at multi-month lows around $2.25 trillion.\u00a0Bitcoin added 2% on the day to trade around $63,500 at the time of writing, but selling pressure still overwhelms<\/a> any potential buyers.<\/p>\n
Ether prices have been flat around the $1,650 level, and there does not seem to be any catalysts for a breakout yet.\u00a0Some of the better-performing altcoins include Hyperliquid and Monero. The latter has jumped 16% on the day, but most of them remain at multi-year lows<\/a>.<\/p>\n
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