107K Bitcoin Options and 1.04 Million Ether Options to Expire, What’s Next?

Update: As per the latest data from Greeks.Live, 107K Bitcoin Options will Expire Today with a put call ratio of 0.5, a max pain point of $57,000, and a notional value of $6.6 billion.

Similarly, 1.04 million Ether options are expiring today with a put call ratio of 0.59, a maxi pain point of $3,100, and a notional value of $3.6 billion. Thus with today’s Q2 delivery, the total notional value of options expiry for BTC and ETH stands at $10 billion.

So far, June has proven to be the month of heavy selling pressure for both Bitcoin and Ethereum. As per Greeks.Live data, the implied volatility (IV) of BTC and ETH has remained relatively subdued. BTC’s IV has stayed below 50% across major terms, while ETH’s IV has been below 60%, indicating generally low volatility levels despite recent price movements.

With the spot Ethereum ETF launching next week in the US, the implied volatility (IV) can see a downward pressure for a few days after today’s delivery.

June 28 Options Data
107K BTC options are expiring with a Put Call Ratio of 0.5, a Maxpain point of $57,000 and a notional value of $6.6 billion.
1.04M ETH options are expiring with a Put Call Ratio of 0.59, Maxpain point of $3,100 and notional value of $3.6 billion.
Today is… pic.twitter.com/sYVyb3HJnC

— Greeks.live (@GreeksLive) June 28, 2024

After seeing strong volatility this week, crypto traders are keeping a close watch on the Bitcoin and Ethereum options expiry scheduled ahead this Friday, June 28. Ahead this week, a total of $6.6 billion in Bitcoin options and $3.5 billion in Ethereum options will expire. Earlier this week, both these assets moved closer to their max pain points. Thus, it will be interesting to see how traders react going into Friday’s expiry.

A Look Into the Bitcoin and Ethereum Options Data

On June 28, Bitcoin options worth $6.6 billion are set to expire with a put/call ratio of 0.47, indicating a bullish signal. As per the data from Deribit, the total Open Interest is currently at $108,239.60 with 71,651.40 of call options and 36,588.20 of put options. Also, the max pain point for Bitcoin is currently at $57,000. Earlier this week, the Bitcoin price corrected all the way to $58,000 before bouncing back above $61,000 again while edging towards the max pain point.

Also Read: When Is Bitcoin (BTC) Price Likely To Reach $100,000?

Similarly, the Ethereum options with a notional value of $3.54 billion are set to expire on Friday, June 28. The put/call ratio for the ETH options expiry is currently 0.58. The total open interest is currently 1,049,020.00 – with 662,453.00 of call options and 662,453.00 of put options. The max pain point for Ethereum is $3,100 while the ETH price is currently trading at $3,382 with 4.7% decline on the weekly chart.

Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks

The max paint point is the price where most options become worthless. As the expiry date approaches closer, the market moves in a direction gravitating towards these levels. As a result, investors/traders are keeping a close watch on whether BTC and ETH prices with their respective max pain prices.

Key BTC and ETH Developments

Following the 15% correction from its all-time high levels, Bitcoin seems to be showing signs of bottom formation. Excess leverage seems to have flushed out as open interest declines and funding rates drop ahead of the Bitcoin options expiry, reports CryptoQuant. All eyes will be on the crucial US economic data and the macro developments going ahead.

Signs of a Local Bottom?

After a 15% correction, #Bitcoin shows potential signs of a local bottom. Open interest has declined, funding rates are near zero, suggesting a more balanced market. Crucial U.S. economic data incoming. Is the tide turning? – By Gustavo Faria

Full post… pic.twitter.com/nRCDVawmFa

— CryptoQuant.com (@cryptoquant_com) June 26, 2024

On the other hand, Ethereum investors are keenly awaiting the launch of spot Ethereum ETFs, expected to go live next week. Players like VanEck are already gearing up for the launch while announcing zero trading fees mostly up the end of 2025.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.