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How Will $2.2B Bitcoin Options Expiring Impact Spot Markets Today? 

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’s, but is still unlikely to impact spot markets.

Crypto markets have continued to decline all week, with around $50 billion leaving the space, but those declines have slowed.

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.

Bitcoin Options Expiry

This week’s 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.

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.

Bitcoin is holding above its 200-week moving average at $62,000, but institutions are “selling into the bounce,” said Deribit this week.

“Despite recent volatility, positioning remains skewed toward calls across both assets.”

BTC options positioning has “consolidated around a narrow set of strikes,” 前記 crypto derivatives provider Greeks Live.

“The largest short dealer exposure anchored is at $60K. Collectively, downside exposure is heavily concentrated within the $60K to $62K range.”

In addition to today’s 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.

This brings the total crypto options expiry notional value to around $2.5 billion, which is a relatively small expiry event.

Spot Market Outlook

Total capitalization has ticked up marginally on Friday, but it remains at multi-month lows around $2.25 trillion. Bitcoin added 2% on the day to trade around $63,500 at the time of writing, but selling pressure still overwhelms any potential buyers.

Ether prices have been flat around the $1,650 level, and there does not seem to be any catalysts for a breakout yet. Some 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.

ポスト How Will $2.2B Bitcoin Options Expiring Impact Spot Markets Today?  に初登場した。 クリプトポテト.


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