Crypto Options Expiry: The $3.9B Mystery No One Asked For!

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So, here we are, folks. A whopping 34,000 Bitcoin options contracts are set to expire on Friday, June 20. And guess what? They’re worth about $3.3 billion. That’s right, billion with a “B.” Who knew money could just evaporate like that? 💸

Now, this is slightly bigger than last week’s options expiry, but let’s not get too excited. The impact on spot markets? Minimal. They’ve been taking a beating all week, losing $30 billion since Monday. I mean, come on! It’s like watching a slow-motion train wreck, but with more digital coins and fewer actual trains. 🚂💥

Bitcoin Options Expiry

This week’s batch of Bitcoin options has a put/call ratio of 1.16. Translation? More short sellers than longs, but not by much. It’s like a party where everyone’s invited, but nobody wants to dance. And the max pain point? $106,000. That’s about $1,500 above current prices. So, if you’re holding your breath for a miracle, you might want to exhale. 😅

Open interest is highest at strike prices between $115,000 and $140,000. Over $1.7 billion at each price. Bullish speculators are still holding onto their dreams, according to Deribit. Good luck with that! 🎈

Options Expiry Alert

Tomorrow, about $3.9 billion in crypto options are set to expire on Deribit. $BTC: $3.3B notional | Put/Call: 1.16 | Max Pain: $106K $ETH: $546M notional | Put/Call: 0.68 | Max Pain: $2,600

BTC shows more balanced positioning near max pain, while ETH flows…

— Deribit (@DeribitOfficial) June 19, 2025

In its weekly market update, crypto derivatives provider Greeks Live said traders are feeling “predominantly bearish.” I mean, who wouldn’t be? Watching your investments plummet is like watching a bad sitcom—painful and yet somehow entertaining. They’re keeping an eye on support levels at $104,000 and $100,000. Spoiler alert: If $104K goes, it’s like the lights going out at a party. 🎉💔

“There’s significant concern about altcoins being ‘dead’ if $104K is lost, with geopolitical tensions around Iran adding to market uncertainty.”

They also mentioned traders are flipping sides faster than a pancake at a Sunday brunch. Traditional gamma strategies? Underperforming like a bad actor in a B-movie. 🍳

And let’s not forget about Ethereum. There are around 215,000 contracts expiring, worth $546 million, with a max pain point of $2,600. So, Friday’s combined crypto options expiry is a staggering $3.9 billion. Just think about that for a second. It’s like a bad magic trick where the money just disappears. 🎩✨

Crypto Market Outlook

Total market capitalization has dropped another 2% today to $3.37 trillion. It’s like watching a balloon slowly deflate. But hey, it’s still within a range-bound channel that formed in early May. So, there’s that! 🎈

Bitcoin has been flat over the past 24 hours, dipping slightly to $104,600. It’s down 3.8% from its weekly high of $108,770 on Tuesday. But don’t worry, support levels are holding strong, despite the geopolitical tensions. It’s like a stubborn old man refusing to leave his favorite chair. 🪑

Ethereum is also hanging in there above support at $2,500. It’s been as exciting as watching paint dry for the past 48 hours. And the altcoins? Mostly flat, except for Bitcoin Cash (BCH), which gained 7.7%. Meanwhile, Hyperliquid decided to take a dive, dropping 4.8% today. What a rollercoaster! 🎢

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2025-06-20 08:59