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\n\t\t\t\t\t\t\t\t\tThe end of another week and month has arrived, which means a larger-than-usual crypto options expiry event, as it is also the end of Q2.\u00a0\u00a0\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Around 153,500 Bitcoin options contracts will expire on Friday, June 26, with a notional value of roughly $9.3 billion.\u00a0This event is much larger than usual, being the end of the month and end of quarter, so it may induce more volatility in the already battered spot markets.<\/p>\n
Crypto markets fell to an almost two-year low this week, with total capitalization shedding more than $180 billion since Monday as the bear market deepens.<\/p>\n
This week\u2019s batch of Bitcoin options contracts has a put\/call ratio of 0.73, meaning that sellers of long (call) contracts slightly outweigh short (put) contract sellers. Max pain is around $72,000, which is around $13,000 higher than current spot prices, so most will be out of the money 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 $1.4 billion, but short sellers still have $1 billion in OI at $60,000. Total BTC options OI across all exchanges has been climbing over the past week, and is at $34 billion, according to Coinglass.<\/p>\n
\n\u201cBTC heads into expiry well below its $72K max pain level,\u201d observed Deribit.<\/p>\n
\u201cWhile max pain remains a widely followed metric, recent quarterly expiries have shown limited evidence of a consistent pinning effect ahead of settlement.\u201d<\/p>\n<\/blockquote>\n
\u201cPuts continue to command a meaningful premium over calls across all major tenors,\u201d reported<\/a> derivatives provider Greeks Live this week.<\/p>\n
There is \u201cpersistent demand for near-term downside protection, while longer-dated options pricing remains comparatively anchored,\u201d it added.<\/p>\n
\n\ud83d\udea8 Q2 Options Expiry Alert \ud83d\udea8<\/p>\n
At 08:00 UTC tomorrow, ~$10.8B in BTC and ETH options are set to expire on Deribit. The largest expiry event on Deribit in 2026 so far.<\/p>\n
bitcoin:native : ~$9.3B notional | P\/C: 0.73 | Max Pain: $72K
ethereum:native : ~$1.6B notional | P\/C: 0.54 |\u2026 pic.twitter.com\/lFgWcR6kQc<\/a><\/p>\n\u2014 Deribit (@DeribitOfficial) June 25, 2026<\/a><\/p>\n<\/blockquote>\n
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In addition to today\u2019s big batch of Bitcoin options, around 1 million Ethereum contracts are also expiring, with a notional value of $1.6 billion, max pain at $2,000, and a put\/call ratio of 0.54. Total ETH options OI across all exchanges is low at around $5.7 billion.<\/p>\n
This brings the total crypto options expiry notional value to around $11 billion, which is one of the largest of the year.<\/p>\n
Spot Market Outlook<\/h2>\n
Spot markets have tanked a further 3% on the day to their lowest levels since September 2024.<\/p>\n
BTC lost 4%, dumping<\/a> to just over $58,000 during the Friday morning Asian session. It rebounded slightly toward $60,000 as of press time after that fresh low for this market cycle. Analysts warned<\/a> this week that a brutal wipeout at this zone was imminent.<\/p>\n
Ether was briefly flipped by Tether in market cap, as it fell more than 5% to $1,522 on Friday morning, its lowest level since the April 2025 dip, and back to 2023 bear market levels. Meanwhile, the altcoins are a sea of red as the bloodbath continues.<\/p>\n
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