BTC and ETH options with a total nominal value exceeding $2.1 billion are expiring today

BlockBeats News, June 19 — Greek.live macro analyst Adam released options expiration data showing that approximately 31k BTC options are expiring today, with a Put/Call Ratio of 0.78, the maximum pain point at $65k, and a notional value of about $1.9 billion; approximately 138k ETH options are expiring, with a Put/Call Ratio of 1.03, the maximum pain point at $1,725, and a notional value of about $230 million.

Adam stated that although Bitcoin briefly rebounded to around $67k this week, the upward momentum was clearly insufficient. Under institutional selling pressure, market absorption capacity is limited. Currently, both BTC and ETH are trading below their maximum pain point prices and are oscillating around that area.

From the options structure perspective, the expiring positions this week account for about 6.5% of the total holdings, below last week's level, roughly within the recent average range; next week will see quarterly expirations, with about 15% of open interest expiring. As prices stabilize, Gamma Exposure (GEX) is mainly concentrated in the $60k to $63k range. Related positions will expire over the next two weeks, and the released margin may have a significant impact on implied volatility (IV).

Additionally, the Skew indicator remains negative, indicating that the market is still hedging against downside risk. Adam believes that MicroStrategy's continued coin sales and its discount issues have dealt a significant blow to market confidence, making capital reflow more difficult. Overall market sentiment remains relatively cold.