Expiration of $4 billion options and its impact on Bitcoin and Ethereum prices
Date: 2025-06-20 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
According to Deribit, about 33,972 Bitcoin option contracts worth approximately $3.5 billion are expiring. The point of maximum pain, that is, the price level at which option holders will incur maximum losses, is located at $105,000. At the same time, the ratio of put and call options is equal to 1, which indicates balanced investor sentiment.
For Ethereum, the situation is as follows: 224,509 option contracts with a nominal value of about $565 million expire today. The maximum pain for ETH options is concentrated at the level of $2,600, and the put/call ratio is 0.69, which indicates the prevalence of pessimistic expectations among investors.
In options trading, the level of maximum pain shows at what price for the asset market participants will incur maximum losses on their positions. The put/call indicator serves as a set indicator: a value below 1 indicates the dominance of bearish forecasts, that is, the expectation of a rate decrease.
The theory of maximum pain suggests that at the time of expiration of options, the price of cryptocurrencies often tends to these critical levels, so that the maximum number of contracts expires without execution. At the time of writing, Bitcoin is trading at around $104,696 and Ethereum at around $2,521, according to CoinMarketCap.
Now Ethereum is below its point of maximum pain ($2,600), which indicates the presence of bullish sentiment in the market — investors are actively buying call options, expecting growth. Bitcoin, in turn, is trading close to the level of maximum pain, demonstrating a more balanced demand for options.
The expiration of a large volume of options is usually accompanied by short-term volatility and increased uncertainty, so market participants should exercise caution. Analysts from Greeks.live note that after the recent statements of the head of the US Federal Reserve System, Jerome Powell, the mood on the cryptoderivatives market has become bearish. Many expect a correction in July, but remain optimistic about the growth of cryptocurrencies in the second half of the year.
In addition, the current situation is influenced by geopolitical tension — a possible US conflict in the Middle East can provoke a sharp drop in the market.
Investors and traders are advised to closely monitor developments, as the expiration of options and external factors can cause significant fluctuations in the prices of Bitcoin and Ethereum in the coming days.
