Bitcoin and Ether face US$11B options expiry

• Bitcoin and Ether are facing approximately US$11 billion in options contracts expiring as both assets trade well below their respective max pain levels.
• Growing demand for downside protection reflects cautious market sentiment as Bitcoin trades near US$60,000 and Ether hovers close to its 2026 low.
• The end-of-month and end-of-quarter expiry could increase short-term volatility as traders adjust derivatives positions.

Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) are facing the expiry of about US$11 billion in options contracts, with roughly 153,500 Bitcoin contracts worth US$9.3 billion and one million Ether contracts worth about US$1.6 billion due to settle on June 26.

Bitcoin traded near US$59,648 after falling to an intraday low of about US$58,189, while Ether changed hands near US$1,544 after briefly touching approximately US$1,515, leaving both assets well below their respective max pain levels.

“Recent quarterly expiries have shown limited evidence of a consistent pinning effect ahead of settlement,” said Deribit.

Bitcoin's options batch carries a put-to-call ratio of about 0.73, while Ether's ratio is approximately 0.54, with market data indicating traders are paying higher premiums for downside protection as cryptocurrency prices weaken.

The June expiry coincides with the end of both the month and the quarter, a period that often sees investors rebalance derivatives positions and can contribute to higher short-term market volatility.

Open interest in Bitcoin options has climbed to about US$34 billion across exchanges, with significant positioning around the US$80,000 strike price while the US$60,000 level remains a key support area for traders.

The options settlement follows a broader cryptocurrency sell-off, with analysts continuing to monitor whether Bitcoin can hold the US$58,000–60,000 range and whether Ether can recover above US$1,600 to reduce further downside pressure.

At the time of reporting, Bitcoin price was $60,313.20.