Bitcoin options expiry triggered a $2.13 billion event on June 19. Both Bitcoin and Ethereum traded below their max pain levels during the session.
The expiry covered 31,000 BTC options with a put‑call ratio of 0.78 and a notional value of $1.9 billion. Meanwhile, Ethereum had 138,000 options expire, with a put‑call ratio of 1.03 and a notional value of $230 million.
Specifically, ETH’s max pain level stood at $1,725, while BTC′s max pain level stood at $65,000.
Why Bitcoin options expiry matters for traders
Bitcoin traded near $62,500 during the session. That is below the level where many options would expire with the least value to buyers. Similarly, Ethereum traded near $1,690, also below its max pain area.
Consequently, this expiry shows that traders remain cautious while both assets trade below their pain points.
Bitcoin momentum fades near key support
Bitcoin briefly rebounded toward $67,000 earlier this week. However, the move lost strength. Sellers pushed the asset below $63,000 before expiry, keeping attention on the $60,000 to $63,000 range.
As previously reported, last week’s options expiry also placed the $60,000 to $62,000 Bitcoin area in focus. GreeksLive had said downside exposure was concentrated in that region.
The same level remains important this week. Specifically, GreeksLive said the $60,000 strike acts as a “critical threshold.” The firm added that a “sustained breach” below that level could turn dealer hedging into a force that supports a faster move lower.
ETF flows and Strategy concerns weigh on sentiment
The market has also struggled to absorb pressure from institutional selling. For example, Strategy drew attention after a small Bitcoin sale earlier this month shook confidence among some traders.
Nevertheless, analysts pushed back against claims that Strategy alone caused Bitcoin’s drop. ETF outflows and whale selling were seen as larger forces behind the decline.
Still, the Strategy debate has added pressure to a market already dealing with weaker liquidity and falling prices. Therefore, traders have become more cautious as Bitcoin trades closer to downside strikes than upside call levels.
ETF demand has also cooled during the recent pullback. This matters because spot Bitcoin ETFs have been one of the main sources of institutional demand since their launch.
Traders watch quarterly settlement
This week’s expiry was smaller than last week’s. Nevertheless, next week brings the quarterly settlement. About 15% of options positions are set to expire, making June 26 a key date for derivatives traders.
Open interest remains large near the $80,000 strike. Meanwhile, bearish exposure still sits near $60,000. This split shows a market caught between longer‑term upside bets and short‑term downside protection.
Laevitas said a “week of grinding calm” had weakened the front end of Bitcoin volatility. Therefore, traders have not priced in a large near‑term move, even as quarterly expiry approaches.
Skew remains negative, showing that traders still pay more attention to downside protection. If Bitcoin holds above $60,000, volatility could remain contained. Conversely, a break below that level may bring faster hedging flows and another test of lower support.
Ethereum key levels
For Ethereum, the $1,700 area remains the near‑term line to watch. ETH traded below its $1,725 max pain level. Therefore, a failure to reclaim that area could keep pressure on the $1,650 to $1,600 range.
The options expiry did not change the wider market trend by itself. It did, however, show that traders remain cautious while BTC and ETH trade below their pain points before a larger quarterly settlement.