How Will $2.2B Bitcoin Options Expiry Impact BTC Today?

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Friday has rolled around again, which means more Bitcoin and Ether options contracts are expiring as the spot bear market deepens.

Around 35,000 Bitcoin options contracts will expire on Friday, June 12, with a notional value of roughly $2.23 billion. This is slightly larger than last week’s, but is still unlikely to impact spot markets.

Crypto markets have continued to decline all week, with around $50 billion leaving the space, but those declines have slowed.

Military strikes between the US and Iran have continued, and a deal seems a distant hope. A high inflation print and the SpaceX IPO liquidity drain have also added to macroeconomic headwinds for crypto assets.

Bitcoin Options Expiry
This week’s batch of Bitcoin options contracts has a put/call ratio of 0.66, meaning that sellers of long contracts far outweigh short contract sellers. Max pain is around $67,000, according to Coinglass, which is much higher than current spot prices, so most will be at a loss on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $80,000 strike price on Deribit, with $1.6 billion, but short sellers still have $1.3 billion in OI at $60,000. Total BTC options OI across all exchanges has been declining recently, and is at $33.4 billion.

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