The crypto market is bracing for one of its largest options expiries of the year as spot markets remain under pressure. Bitcoin (BTC) and Ethereum (ETH) face a combined $11 billion expiry on June 26, with BTC's options expiring at a notional value of around $9.3 billion.
The expiry is expected to be particularly significant due to its end-of-month and end-of-quarter timing, which often leads to adjustments in market positions and short-term price swings. As of the time of writing, Bitcoin traded near $59,648 after touching an intraday low of $58,189.
A Deribit market update noted that BTC is entering expiry well below its max pain level of $72,000. The firm also pointed out that recent quarterly expiries have shown limited evidence of a consistent pinning effect ahead of settlement.