Around 30,700 Bitcoin options contracts will expire this Friday, June 6, with a notional value of approximately $3.2 billion. Ethereum adds roughly 241,000 contracts, valued at about $624 million—bringing the total expiry sum across crypto to nearly $3.8 billion.
The put/call ratio for Bitcoin stands at 0.76, indicating more calls than puts, while Ethereum’s ratio is around 0.69—both hinting at a bullish lean. “Max pain” levels are at $105,000 for BTC and $2,600 for ETH, the strike points at which option buyers would incur most losses.
Deribit data shows highest open interest at BTC strikes of $115,000 ($1.7 billion) and $140,000 ($1.6 billion), while Greeks.live warns that volatility remains low, making it difficult for options traders.
Despite the huge expiry, upcoming effects seem modest. Price already dropped $150 billion in value within 12 hours, with BTC near $101–103 K and ETH around $2,550–2,600. Spot markets have lost about 5.5%, hitting a monthly low of $3.3 trillion in total crypto capitalization.
In reaction, Bitcoin slid approximately 2.7% to $101 K before slightly rebounding in the Asian session, while Ethereum fell 7% from $2,600 to around $2,445.
Latest market insight:
• BeInCrypto reports calls dominate, signaling possible short-term volatility.
• Analysts caution volatility may spike briefly but could settle as options expire.
• External influences, such as macroeconomic factors and the Trump–Musk feud, have pressured sentiment in equities and crypto.
Embedded from X:
🚨 Options Expiry Alert 🚨 At 08:00 UTC Friday, over $3.8 B in crypto options are set to expire on Deribit.
— Deribit (@DeribitOfficial) June 5, 2025
$BTC: $3.21 B notional | Put/Call: 0.76 | Max Pain: $105K
$ETH: $624 M notional | Put/Call: 0.69 | Max Pain: $2,600
Authority sources you can explore:
Reuters for derivative expiry analysis
BeInCrypto on options dominance and sentiment
CryptoPotato for detailed breakdowns of max pain and open interest
Bottom line: Although the massive $3.8 billion crypto options expiry creates intrigue, the market impact seems capped—especially with current sentiment subdued, external macro pressures, and lower volatility. Watch BTC for possible support near $103 K and ETH near $2,575, as option unwinds could bring short-lived price swings.