Crypto Expiry Event Brings Sizable Notional Value, But May Be Muted by Market Fatigue

A small batch of crypto options is set to expire today, June 19th, with around $2.1 billion in notional value at stake.

The event, which includes approximately 30,500 Bitcoin options contracts and 137,600 Ethereum contracts, is unlikely to have a significant impact on spot markets despite the substantial sum involved.

In fact, crypto markets are already showing signs of fatigue, with total capitalization hovering around $2.25 trillion and a net outflow of $70 billion since Monday.

The put/call ratio for Bitcoin options contracts is 0.78, indicating that sellers of long (call) contracts slightly outweigh short (put) contract sellers.

Max pain for Bitcoin is around $65,000, which is roughly $2,000 higher than current spot prices, meaning many investors will be at a loss on expiry.