$13.5 billion BTC and ETH options expire this Friday, or could trigger deeper pullback risks in the spot market

On June 25, according to Deribit data, the market will face nearly $13.5 billion in BTC and ETH options expiring this Friday (June 26, 16:00 Beijing time).

Among them, the notional value of Bitcoin options expiring on Friday is about $9.726 billion, with a put/call ratio of 0.74 and a max pain point of $72,000, indicating that traders have short-term bullish expectations for Bitcoin options.

However, most BTC call options are already out-of-the-money, while put options are concentrated in the $60,000–$65,000 and $70,000–$75,000 ranges, meaning bearish bets are more likely to profit.

On the same day, the notional value of Ethereum options expiring is about $1.673 billion, with a put/call ratio of 0.56 and a max pain point of $2,000, also indicating that traders have short-term bullish expectations for Ethereum options.

Most of the ETH call options this Friday are also out-of-the-money, while put options are concentrated in the $1,500–$1,600 and $1,700–$2,000 ranges, meaning bearish bets are more likely to profit.

In summary, although the BTC and ETH options data appear bullish on the surface, a large number of call options are out-of-the-money, and put options are concentrated near support levels, showing that overall market sentiment is cautious.

Therefore, with nearly $13.5 billion in options expiring this Friday, the spot market may face adjustment pressure. Investors should be alert to the risk of a price pullback and always monitor market performance around key support levels.

#比特币期权交割 # Ethereum options